Karachi, Dewan Farooque Spinning Mills Limited, Karachi, Pakistan, held a meeting of its Board of Directors on September 26, 2023, where they made significant recommendations and disclosed the financial results for the fiscal year ending June 30, 2023.
The company's Board of Directors recommended the following for the fiscal year:
(i) CASH DIVIDEND: Nil
(ii) BONUS SHARES: Nil
(iii) RIGHT SHARES: Nil
(iv) ANY OTHER ENTITLEMENT/CORPORATE ACTION: Nil
(v) ANY OTHER PRICE-SENSITIVE INFORMATION: Nil
Financial Results for the Year Ended June 30, 2023:
Sales Revenue: Rs. 488,343,690 (compared to Rs. 694,230,183 in 2022)
Net Cost of Sales: Rs. (716,320,054) (compared to Rs. (811,333,168) in 2022)
Gross Loss: Rs. (227,976,364) (compared to Rs. (117,102,985) in 2022)
Operating Expenses: Rs. 9,474,916 (compared to Rs. 53,213,362 in 2022)
Administrative Expenses: Rs. (237,451,280) (compared to Rs. (170,316,347) in 2022)
Selling and Distribution Expenses: Rs. (71,024,481) (compared to Rs. 46,583,983 in 2022)
Reversal of Provision for Bad Debts: Rs. (308,475,761) (compared to Rs. (216,900,330) in 2022)
Operating Loss: Rs. (6,104,296) (compared to Rs. (8,677,877) in 2022)
Other Charges: Rs. 1,536,192
Finance Cost: Rs. 27,979,165 (compared to Rs. 31,051,019 in 2022)
Loss Before Taxation: Rs. 21,874,869 (compared to Rs. 23,909,334 in 2022)
Taxation (Current, Prior, Deferred): Rs. (286,600,892) (compared to Rs. (192,990,996) in 2022)
Loss After Taxation: Rs. (2.93) per share (basic and diluted) (compared to Rs. (1.97) in 2022)
Additionally, the company's auditors have qualified their auditors' report due to default in repayment of instalments of restructured liabilities and related non-provisioning of mark-up. They have also included a matter of emphasis paragraph regarding the going concern assumption.
The Annual General Meetings of Dewan Farooque Spinning Mills Limited are scheduled to be held on October 26, 2023, in Karachi, Pakistan. Shareholders are advised that the Share Transfer Books of the company will remain closed from October 19, 2023, to October 26, 2023, inclusive.