Karachi: Pak Leather Crafts Limited faced a difficult economic environment in the fiscal year ended June 30, 2024, with the Chairperson presenting a comprehensive review at the 37th annual general meeting.
The year was characterized by political instability, financial crises, and a high rate of inflation, which impeded economic activities and affected the company's operations. Despite these challenges, the Board of Directors, under the Chairperson’s guidance, maintained effective governance. According to information available from the Pakistan Stock Exchange (PSX), the Human Resource Committee evaluated the board's overall performance as satisfactory.
A significant development for Pak Leather Crafts this year was the successful out-of-court settlement with Albaraka Bank, which resulted in a waiver of financial liabilities amounting to Rs. 13.985 million. This relief comes at a crucial time as the company navigates through fiscal obstacles.
However, company sales saw a slight decrease, totaling Rs. 89.395 million compared to Rs. 90.691 million in the previous year, reflecting the broader economic challenges. The audited financial statements, along with the audit report and directors' report, have been made available to members, detailing the financial contours and operational strategies undertaken during the year.