Lahore: The Board of Directors of Hira Textile Mills Limited convened on March 25, 2025, to review and approve the audited financial results for the fiscal year ending June 30, 2024. The meeting, held at 10:00 a.m., concluded with the decision not to distribute any cash dividends, bonus shares, or right shares. The company also reported no other entitlements or corporate actions for the period. The annual financial results were made available as Annexure "A."
The company's Annual General Meeting is scheduled for April 19, 2025, at 10:00 a.m. at its business office in Lahore. Shareholders will receive a notice of the meeting, along with the Annual Report for the year ended June 30, 2024, through PUCARS. These documents will also be accessible on the company's website at least 21 days prior to the meeting.
Hira Textile Mills has announced that its Share Transfer Books will be closed from April 12 to April 19, 2025. Transfers processed by the company's Share Registrar, Vision Consulting Limited, by April 11, 2025, will be eligible for attendance and voting at the Annual General Meeting.
The financial results reveal that the company's authorized share capital remained steady at 870.00 million rupees, while the issued share capital was 865.78 million rupees. The share premium stood at 82.50 million rupees, with a revaluation reserve of 1.11 billion rupees. Accumulated losses were reported at 3.12 billion rupees, resulting in total equity of negative 577.42 million rupees.
The company’s liabilities were divided into non-current and current categories. Non-current liabilities, including long-term finances and lease liabilities, totaled 1.93 billion rupees. Current liabilities, comprising trade and other payables, unclaimed dividends, and short-term borrowings, amounted to 1.59 billion rupees. Overall, total liabilities reached 3.53 billion rupees.
Assets of Hira Textile Mills were categorized into non-current and current assets. Non-current assets, including property, plant, and equipment, as well as right-of-use assets, totaled 2.88 billion rupees. Current assets, such as trade receivables and cash balances, were valued at 66.11 million rupees. The total assets of the company were recorded at 2.95 billion rupees.
According to information available from the Pakistan Stock Exchange (PSX), the financial results indicate a decline in total equity and an increase in liabilities compared to the previous year, ending June 30, 2023, when total equity was negative 296.16 million rupees, and total liabilities were 3.40 billion rupees. The company’s total assets for the previous year were higher at 3.10 billion rupees.
The financial reports reflect the challenging conditions faced by the company in the past fiscal year, impacting its financial standing and liquidity. The designated market category for Hira Textile Mills remains unchanged, with the company continuing to focus on its core textile operations.