Hira Textile Mills Limited Reports Losses for the Year Ended June 30, 2022, with No Corporate Actions Recommended

Karachi, In a recent meeting held on November 5, 2022, the Board of Directors of a Hira Textile Mills Limited announced their financial results for the year ended on June 30, 2022. The company reported disappointing figures, recording a significant loss compared to the previous year.

The financial results revealed that the company’s sales for the year amounted to Rs. 319.75 million, a considerable decline from the previous year’s figure of Rs. 1.47 billion. The cost of goods sold also decreased to Rs. 877.3 million from Rs. 1.61 billion, resulting in a gross operating loss of Rs. 557.55 million.

Further analysis of the financial statements showed that distribution costs amounted to Rs. 50,006, while administrative expenses totaled Rs. 7.91 million. The company also incurred other expenses, including interest allowance, amounting to Rs. 105,338. These expenses, combined with impairment allowance and other operating costs, resulted in a loss before tax of Rs. 117.2 million.

After accounting for taxation, the company reported a loss after tax of Rs. 583.94 million. This translated to a loss per share of Rs. 6.34 on a basic and diluted basis, reflecting a decline compared to the loss per share of Rs. 11.91 reported in the previous year.