Paramount Spinning Mills Limited Reports a Loss for the Year Ended June 30, 2022; Annual General Meeting Scheduled

Karachi, Paramount Spinning Mills Limited, has released its financial results for the year ended June 30, 2022. The company’s Board of Directors convened a meeting on June 2, 2023, in Lahore to discuss the financial performance and future recommendations. Unfortunately, the report reveals a loss for the specified period.

The financial results indicate that the company experienced a net loss of Rs. 10,224,309 ($74,285) after considering the sales and cost of sales. However, there was a gross profit of Rs. 2,078,464,514 ($15,100,000). The operating cost, administrative and general expenses, as well as other operating expenses, played a significant role in offsetting the overall profit.

Additionally, the Board of Directors made important decisions regarding the company’s upcoming Annual General Meeting (AGM).

The AGM for the year ended June 30, 2022, is scheduled to take place on June 24, 2023, in Karachi. During this meeting, shareholders will have the opportunity to address the company’s financial performance and future prospects. Furthermore, the Share Transfer Books of Paramount Spinning Mills Limited will remain closed from June 17 to June 24, 2023, inclusive, for the purpose of updating shareholder records.