Your Company’s
performance during the year under review has been exceptionally good. Profit before tax
has increased to Rs.626 million from Rs. 182 million.
Earnings per share work out to Rs. 16.38.
In order to comply with the requirements
of IAS-19, Management is arranging actuarial valuation of the Company's gratuity
liability.
Dividend
Your Directors are pleased to recommend
cash dividend @ 70% that is Rs. 7/- per share.
Future
Prospects
A record capital expenditure of Rs. 372
million has been incurred by the Company on its balancing, modernization and replacement
as well as expansion programme. The areas where this investment has been made include
processing, printing and finishing, upgrading of the spinning back process facilities and
setting up of a most modern laboratory having top of the line testing equipments.
In the current fiscal year the Company
has plans both for upgrading of the existing facilities as well as addition to capacity in
spinning and weaving.
On the economic side after the approval
of Stand-by Arrangement by the IMF and debt rescheduling by the Paris Club, signs of
modest recovery in the economy are now visible and it is expected that investors
confidence will also build up.
However the economic slowdown in the US
and its possible adverse impact on European Union is a cause of worry for sustaining the
momentum of growth in export sales.
Board Of
Directors
There has been no change in the composition of the Board
of Directors during the year under review.
Pattern Of
Shareholding
A statement showing the pattern of shareholding in the
Company as at September 30, 2000 is included in the report.
Auditors
The present auditors Hyder Bhimji & Co., Chartered
Accountants, retire and offer themselves for re-appointment.
Employees'
Relations
Relationship with the employees remained cordial and the
Board is pleased to record its appreciation for the hard work and dedication shown by
them.
|
For and on behalf of the Board |
| Karachi: |
Iqbal AliMohammed |
| February 28, 2001 |
Chief Executive |
|
