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Karachi, A textile company has published its unaudited financial statements for the fourth quarter of 2023, shedding light on its financial performance and position. The company’s condensed interim financial statements, prepared in accordance with International Accounting Standard-34 (IAS-34) “Interim Financial Reporting,” provide insights into its equity, liabilities, assets, profit or loss, and cash flows.
In terms of equity and liabilities, the company reported an authorized share capital of 120,000,000 ordinary shares of Rs. 10 each. The issued, subscribed, and paid-up share capital was not specified in the provided information. Share premium, unappropriated profits, and an unsecured loan from sponsors were listed as part of the total equity.
The liabilities section included non-current liabilities, such as long-term finances secured against assets, liabilities against assets subject to finance lease, and deferred liabilities related to staff retirement benefits and deferred taxation. Current liabilities encompassed short-term borrowings, the current portion of non-current liabilities, trade and other payables, interest and mark-up accrued, and provisions for taxation.
The company’s total assets as of December 31, 2023, amounted to Rs. 30,807,275,254. This included non-current assets like property, plant, and equipment, as well as long-term deposits. Current assets consisted of stores, spare parts, and loose tools, stock-in-trade, trade debts, advances, deposits, prepayments, and other receivables, tax refunds, and cash and bank balances.
Regarding the statement of profit or loss, the company reported net sales of Rs. 6,673,654,603 for the quarter ended December 31, 2023. The cost of sales was Rs. 5,539,955,119, resulting in a gross profit of Rs. 1,133,699,484. After accounting for administrative expenses, distribution expenses, and other income, the company reported a profit from operations of Rs. 968,464,693.
Finance costs and other expenses were deducted from this profit, resulting in a profit before taxation of Rs. 532,430,837. After accounting for taxation, the company reported a profit after taxation of Rs. 455,358,711. The earnings per share, both basic and diluted, were reported as 3.87.
The condensed interim financial statements also included information about other comprehensive income or loss, changes in equity, and cash flows, providing stakeholders with a comprehensive view of the company’s financial performance during the specified quarter.
Karachi, The Central Depository Company of Pakistan Limited (CDC) has officially declared the Letter of Rights for Gatron (Industries) Limited as eligible for the Central Depository System (CDS), effective January 31, 2024. This announcement follows the notice dated January 26, 2024, under Regulation 8AA.1.1 of the CDC Regulations concerning the new securities offering by way of rights issue to the holders of existing ordinary shares of Gatron (Industries) Limited.
This declaration is in accordance with Regulation 8AA.2.2 of the CDC Regulations, marking a significant step for Gatron (Industries) Limited in facilitating its shareholders’ access to rights entitlements through the CDS. The formal notice issued by the CDC on January 30, 2024, emphasizes the necessity for Gatron (Industries) Limited to comply with the procedures devised by the CDC pursuant to the regulations.
The inclusion of Gatron (Industries) Limited’s Letter of Rights as CDS eligible securities is a critical development, ensuring streamlined processing and enhanced security for shareholders engaging in the rights issue. This move is expected to bolster investor confidence in Gatron (Industries) Limited by providing a more efficient mechanism for managing their investments through the CDC’s CDS.