Lahore, Hira Textile Mills Limited, a prominent player in the textile industry, has disclosed the outcomes of its recent Board of Directors meeting held on August 28, 2023. The Board made key recommendations and accepted the resignation of the Chief Financial Officer, Mr. Saeed Ahmad Khan.

Here are the key recommendations and actions:

1. Cash Dividend: The Board has recommended a cash dividend of Nil for the company's shareholders.

2. Bonus Shares: No bonus shares have been recommended.

3. Right Shares: The company will not be issuing any right shares to its shareholders.

4. Any Other Entitlement / Corporate Action: The board announced that Mr. Saeed Ahmad Khan, son of Abdul Waheed Khan, has resigned from his position as Chief Financial Officer of the company with immediate effect.

5. Any Other Price-Sensitive Information: No additional price-sensitive information was disclosed in the meeting.

Additionally, the company provided its Statement of Profit or Loss for the period ended September 30, 2022, for the reference of its stakeholders. The statement shows a significant drop in sales compared to the previous year, resulting in a loss for the company. The detailed financials are as follows:

Sales - Net: Rupees 40,160,000 (September 30, 2022) vs. Rupees 180,981,355 (September 30, 2021)

Gross Loss: Rupees (57,551,610) (September 30, 2022) vs. Rupees (95,817,353) (September 30, 2021)

Profit / (Loss) after Tax: Rupees (66,366,781) (September 30, 2022) vs. Rupees (134,142,640) (September 30, 2021)

Earnings per Share: (0.78) (September 30, 2022) vs. (1.55) (September 30, 2021)

These financials reflect the challenging business environment faced by Hira Textile Mills Limited during the specified period.

As the company navigates these financial challenges, the resignation of the Chief Financial Officer adds to the company's evolving leadership landscape. Shareholders and industry observers will be closely watching for further developments and the company's strategy to address its financial performance.