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DIRECTORS' REPORT TO THE SHAREHOLDERS Your directors are pleased to present 3rd quarter & nine month’s accounts for the period ended on June 30, 2004. FINANCIAL RESULTS: During the period under review, company made a gross profit of Rs. 13.576 million (Rs 5.574 million gross loss for 9 months period ended 30.6.2003) and incurred a net loss after taxation of Rs 15.459 million (after tax loss of Rs 38.874 million for 9 months period ended 30.6.2003). This is mainly due to availability of better sale rates as compared to cost of production. Administration and selling expenses increased by 9.49% during the period under review in comparison to corresponding period of the previous year. During the period under review financial expenses went down by 17.49%. Continuous efforts are being made to improve the performance of the company. As a cost effective measure, management has planned to install gas generators, which will reduce electricity cost. Letter of credit to import one generator has been established. Earning per share (EPS) for this period is in negative at Rs. 0.38 for 3rd quarter & Rs 1.02 for nine months as compared to negative EPS of Rs. 1.37 for 3rd quarter and Rs. 2.56 for nine months in the corresponding period of last year. FUTURE PROSPECTS: Performance of the company has improved from that in the corresponding period of last year. Management of your company will try its best to further improve the performance of the company in future. OTHERS: There has been no significant change in the position of on going court cases with the bank, as reported in the directors' report of the financial statements for the year ended 30.09.2003 ACKNOWLEDGMENT: The management would like to place on record its appreciation for the continuous support of its shareholders, customers and employees and expect to receive same cooperation in the future.
for and on behalf of the Board FAISALABAD. ZAHID ANWAR 29.07.2004 CHIEF EXECUTIVE |