FIRST EQUITY MODARABA

Half Yearly and Six Months
For the period ended
December 31, 2022

Managed by
PREMIER FINANCIAL SERVICES (PVT) LTD

CRESCENT GROUP

Page 1

FIRST EQUITY MODARABA

CORPORATE INFORMATION

Modaraba Company : PREMIER FINANCIAL SERVICES (PVT) LTD

BOARD OF DIRECTORS

Mr Nadeem Maqbool
Ms Alizeh Bashir

Mr Qaiser Ahmed Magoon
Mr Adil A Ghaffar - Chief Executive Officer

AUDIT COMMITTEE

Mr Qaiser Ahmed Magoon
Ms Alizeh Bashir
Mr Nadeem Maqbool

HUNAM RESOURSE COMMITTEE

Mr Qaiser Ahmed Magoon
Mr Nadeem Maqbool
Mr Adil A Ghaffar

REGISTERD AND BUSINESS ADDRESS

B-1004 Lakson Square Building # 3
Sarwar Shaheed Road
Karachi
Tel : 021-35672815-18
Fax : 021-35686116
e-mail: [email protected]
website: firstequitymodaraba.com.pk

Room No 503-504
Karachi Stock Exchange Building
Karachi
Tel : 021-32446020-3
Fax : 021-32446024

Contents

Corporate information 1
Report of the Directors 2
Review Report of Auditors 4
Balance sheet 5
Profit and loss account 6
Statement of comprehensive income 7
Cash flow statement 8
Statement of changes in equity 9
Notes to the financial statements 10
Equity Textile Ltd - Balance Sheet 16
Equity Textile Ltd - Profit and Loss Accounts 17

Page 2

FIRST EQUITY MODARABA DIRECTORS REPORT

The Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report together with the auditors review on the financial statements of the Modaraba for the half year ended December 31, 2022.

Financial Results

Loss for the half year ended December 31, 2022 amounted to Rs (8,901) million as compared to profit Rs 9.75 million for the same period last year. The earning per certificate as at December 31, 2022 stood at Rs (0.170) from Rs 0.121 last December. The break up value per modaraba certificate stands at Rs 10.48

During the period under the review, due to economic uncertainties, such as budget implications, IMF program, rupee parity and hike in interest rates etc.. stock market declined and price of most of the liquid securities took a massive hit. Political instability was also observed through out the period.

We anticipate that once the political and economic indecisiveness is settled, the capital market will again show a bullish trend

Karachi
February 27 2023

Adil A Ghaffar
Chief Executive Officer

Page 3

فرسٹ اکیڈمی مضاربہ

ڈائریکٹرز رپورٹ

فرسٹ اکیڈمی مضاربہ کی انتخابی کمیٹی پر مبنی فاصل سرورز (پرائیویٹ) لمجلد کے ڈائریکٹرز اپنی رپورٹ اور مضاربہ کے مالیاتی بیایے پر آڈیرز کا جائزہ برائے سال اختتام پذیر ششامی 31 دسمبر 2022 میں کرتے ہوئے سررت محسوس کرتے ہیں۔

مالیاتی منہجہ:

گذشتہ منہجہ مبلغ 9.75 ملین روپے کے مقابلے میں 31 دسمبر 2022 کو اختتام پذیر ہونے والی ششامی میں مبلغ (8.901 ملین روپے کا خسارہ ہوا۔ 31 دسمبر 2022 تک فی سرٹیفکیٹ آمدنی مبلغ (0.170) روپے ہوئی جبکہ گذشتہ سال دسمبر کے آخر میں سرٹیفکیٹ آمدنی مبلغ 0.121 روپے تھی۔ بریک اپ ویلیو مبلغ 10.48 روپے فی سرٹیفکیٹ رہی۔

دوران جائزہ مدت، معاشی غیرمکمل صورتحال جیسا کہ بحث کے مضرات، IMF پروگرام، روپے کی قدر میں کی اور شرح سود میں اضافہ وغیرہ جیسے عوام کے باعث اسٹاک مارکیٹ میں مندی کا ریٹائر رہا اور نیو یارک کی قیمتوں کو کافی نقصان پہنچا۔ اس دوران سیاہی عدم استعلام بھی دیکھا گیا۔

Page 4

FIRST EQUITY MODARABA

AUDITORS' REPORT TO THE CERTIFICATE HOLDERS ON REVIEW OF UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying unconsolidated condensed interim statement of financial position of First Equity Modaraba ("the Modaraba"), as at December 31, 2022 and the related unconsolidated condensed interim profit and loss account and other comprehensive income, unconsolidated condensed interim statement of changes in equity, unconsolidated condensed interim statement of cash flows, and notes to the unconsolidated condensed interim financial statements for the six-months period then ended (here-in-after referred to as the "interim financial statements"). The Modaraba Management Company is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statement consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion

Basis for Qualification

Modaraba has charged unrealised gain of Rs. 1.451 million, in respect of investment classified as financial asset held at fair value through profit and loss, in other comprehensive income instead of profit and loss account as required under IFRS 9.

Had the Modaraba charged the unrealize gain to the profit and loss account, its gain for the period would have been increased by Rs. 1.451 million.

Conclusion

Based on our review, except for the matter referred in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at and for the half year ended December 31, 2022 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.

Other Matters

The figures of the unconsolidated condensed interim statement of profit or loss and unconsolidated condensed interim statement of comprehensive income for the three months period ended December 31, 2022 and December 31, 2021 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2022.

The engagement Partner on the review resulting in this independent auditor's report is Mr. Imran Sheikh.

Crowe Hussain Chaudhury & Co.
Chartered Accountants

Karachi
Dated: February 28, 2023

Page 5

FIRST EQUITY MODARABA

CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)

AS AT DECEMBER 31, 2022

| | Note | Unaudited
December 31,
2022
Rupees | Audited
June 30,
2022
Rupees |
| --- | --- | --- | --- |
| | | | |
| EQUITY AND LIABILITIES | | | |
| Capital and reserves | | | |
| Certificate capital | | | |
| Authorised capital | | | |
| 60,000,000 (June 30, 2022: 60,000,000) modarabacertificates of Rs. 10 each | | 600,000,000 | 600,000,000 |
| Certificate capital | 5 | 524,400,000 | 524,400,000 |
| Reserves | | 92,061,072 | 100,961,990 |
| Remeasurement of define benefit liability - Actuarial gain | | 1,364,966 | 1,364,966 |
| Unrealised (loss) on re-measurement of investments | | (67,925,051) | (69,376,755) |
| Certificate holders' equity | | 549,900,987 | 557,350,201 |
| Non-current liabilities | | | |
| Deferred liabilities | | 5,897,659 | 5,897,659 |
| Security deposit | | 200,000 | 200,000 |
| Total non-current liabilities | | 6,097,659 | 6,097,659 |
| Current liabilities | | | |
| Creditors, accrued and other liabilities | | 8,692,978 | 13,872,554 |
| Unclaimed profit distributions | | 31,139,886 | 31,139,886 |
| Total current liabilities | | 39,832,864 | 45,012,440 |
| Total liabilities | | 45,930,523 | 51,110,099 |
| Contingencies & Commitments | 6 | | |
| Total equity and liabilities | | 595,831,510 | 608,460,300 |
| ASSETS | | | |
| Non - current assets | | | |
| Fixed assets | | | |
| - tangible | 7 | 3,443,935 | 3,948,441 |
| - intangible | 8 | - | - |
| | | 3,443,935 | 3,948,441 |
| Investment property | | 1,051,667 | 1,111,667 |
| Investments | 9 | 408,866,157 | 402,655,229 |
| Advances | | 2,510,000 | 2,510,000 |
| Deposits | | 1,750,000 | 1,750,000 |
| Total non-current assets | | 417,621,759 | 411,975,337 |
| Current assets | | | |
| Morabaha / musharaka receivables - secured | | 9,317,843 | 9,560,623 |
| Short term investments | | 72,381,404 | 96,471,948 |
| Advances | | 11,777,101 | 11,560,807 |
| Trade deposits and prepayments | | 16,349,378 | 16,440,954 |
| Other receivables | | 59,389,205 | 51,774,690 |
| Cash and bank balances | | 8,994,820 | 10,675,941 |
| Total current assets | | 178,209,751 | 196,484,963 |
| Total assets | | 595,831,510 | 608,460,300 |

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Page 6

FIRST EQUITY MODARABA

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2022

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah
Chief Financial Officer

Adil A. Ghaffar
Chief Executive Officer
Premier Financial
Services (Private) Limited

Nadeem Maqbool
Director
Premier Financial
Services (Private) Limited

Qaiser Ahmed Magoon
Director
Premier Financial
Services (Private) Limited

Page 7

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2022

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah
Chief Financial Officer

Adil A. Ghaffar
Chief Executive Officer
Premier Financial
Services (Private) Limited

Nadeem Maqbool
Director
Premier Financial
Services (Private) Limited

Qaiser Ahmed Magoon
Director
Premier Financial
Services (Private) Limited

Page 8

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2022

| | December 31, 2022
Rupees | December 31, 2021
Rupees |
| --- | --- | --- |
| CASH FLOWS FROM OPERATING ACTIVITIES | | |
| Profit Before Income Tax | (8,150,510) | 13,420,283 |
| Adjustments for non cash items: | | |
| Depreciation | 680,410 | 802,831 |
| Dividend income | (5,002,721) | (24,466,403) |
| | (4,322,311) | (23,663,572) |
| Operating (loss) before working capital changes | (12,472,821) | (10,243,289) |
| (Increase) / decrease in current assets | | |
| Morabaha / musharaka receivables | 242,780 | (467,040) |
| Advances | (966,702) | (3,841,451) |
| Trade deposits and prepayments | 91,572 | (236,081) |
| Other receivables | (7,614,515) | (25,297,002) |
| | (8,246,865) | (29,841,574) |
| Increase /(Decrease) in current liabilities | | |
| Creditors, accrued and other liabilities | (5,179,576) | (10,994,004) |
| Net cash generated from operating activities | (25,899,262) | (51,078,867) |
| CASH FLOW FROM INVESTING ACTIVITIES | | |
| Investments disposed / (Purchased) - net | 19,331,320 | (25,077,543) |
| Dividends received | 5,002,721 | 24,466,403 |
| Deposit | - | 400,000 |
| Addition in tangle assets | (115,900) | (127,000) |
| Net cash (Used in) / generated from investing activities | 24,218,141 | (338,140) |
| Net Increase in cash and cash equivalents | (1,681,121) | (51,417,007) |
| Cash and cash equivalents at the beginning of the half year | 10,675,941 | 83,451,388 |
| Cash and cash equivalents at the end of the half year | 8,994,820 | 32,034,381 |

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah
Chief Financial Officer

Adil A. Ghaffar
Chief Executive Officer
Premier Financial
Services (Private) Limited

Nadeem Maqbool
Director
Premier Financial
Services (Private) Limited

Qaiser Ahmed Magoon
Director
Premier Financial
Services (Private) Limited

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2022

Reserve

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah
Chief Financial Officer

Adil A. Ghaffar
Chief Executive Officer
Premier Financial
Services (Private) Limited

Nadeem Maqbool
Director
Premier Financial
Services (Private) Limited

Qaiser Ahmed Magoon
Director
Premier Financial
Services (Private) Limited

Page 10

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2022

1 LEGAL STATUS AND OPERATIONS

First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is managed by Premier Financial Services (Private) Limited (the Modaraba Management Company), a company incorporated in Pakistan.

The Modaraba is a perpetual, multipurpose modaraba and is able to undertake a variety of fund and fee based activities. These include trading, manufacturing, equity investment and their financing and facilitation. The Modaraba is a member of the Pakistan Stock Exchange Limited and is currently operating its brokerage activities in Pakistan Stock Exchange Limited.

1.2

The Modaraba is listed on Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at B-1004, 10th floor, Lakson Square Building 3, Sarwar Shaheed Road, Karachi. The Modaraba has the following wholly owned subsidiary companies.

• Equity Textiles Limited
• Capital Financial Services (Private) Limited
• Apex Financial Services (Private) Limited

2 BASIS OF PREPARATION

2.1 Statement of Compliance

This condensed interim financial information of the Modaraba for the six months period ended December 31, 2022 has been prepared in accordance with the requirements of the International Accounting Standard 34 - "Interim Financial Reporting" and provisions of and directives issued under the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and Prudential Regulations for Modarabas.

The Modaraba Company's management fee, statutory reserve @ 20% to 50%, provisions and profit distribution will be determined at the year end.

In case where requirements differ, the provisions of or directives issued under the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and Prudential Regulations for Modarabas have been followed.

The disclosures made in this condensed interim financial information have been limited, based on the requirements of International Accounting Standard 34 - "Interim Financial Reporting". These condensed interim financial information do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the financial statements of the Modaraba for the year ended June 30, 2022.

This condensed interim financial information is un-audited. However, limited scope review has been performed by the statutory auditors, except for the figures of the condensed interim profit and loss account and condensed interim statement of comprehensive income for the quarters ended December 31, 2022 and December 31, 2021, in accordance with the requirement of clause 27 of the Listed Companies (Code of Corporate Governance) Regulations, 2017 and are being submitted to the Certificate holders as required by Rule 10 of Modaraba Companies and Modaraba Rules, 1981.

FIRST EQUITY MODARABA
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2022
Page 11

2.2 Basis of measurement

This condensed interim financial information has been prepared under the "historical cost convention" except for the revaluation of certain financial assets which are stated at fair value. This condensed interim financial information has been prepared following accrual basis of accounting except for cash flow information.

3 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies adopted and methods of computation followed in the preparation of this condensed interim financial information are same as those applied in the preparation of annual financial statements for the year ended June 30, 2022.

4 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Modaraba's accounting policies and key sources of estimation of uncertainty are the same as those that were applied to the financial statements for the year ended June 30, 2022.

5 CERTIFICATE CAPITAL

Fully paid modaraba certificates of Rs. 10 each.

| December 31, 2022
(Number of certificates) | June 30, 2022 | | Unaudited December 31, 2022
Rupees | Audited June 30, 2022
Rupees |
| --- | --- | --- | --- | --- |
| 46,220,000 | 46,220,000 | Issued for cash | 462,200,000 | 462,200,000 |
| 6,220,000 | 6,220,000 | Issued as bonus certificates | 62,200,000 | 62,200,000 |
| 52,440,000 | 52,440,000 | | 524,400,000 | 524,400,000 |

6 CONTINGENCIES AND COMMITMENTS

Modaraba has filed a suit against Samba Bank Ltd. for the recovery of deposit amounting to Rs. 21 million alongwith mark up. The matter is pending before the Honourable High Court of Sindh. Management of the Modaraba and its legal advisor are of the opinion that Modaraba has reasonable chance and it appears unlikely that Modaraba may suffer any loss from the same.

| | | Unaudited December 31, 2022
Rupees | Audited June 30, 2022
Rupees |
| --- | --- | --- | --- |
| 7 | TANGIBLE FIXED ASSETS | | |
| | Opening WDV | 3,948,441 | 5,211,713 |
| | Additions during the period | 115,900 | 188,500 |
| | Depreciation for the period | (620,406) | (1,451,772) |
| Closing WDV | | 3,443,935 | 3,948,441 |

FIRST EQUITY MODARABA
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2022
Page 12

| | | Unaudited
December 31, 2022
Rupees | Audited
June 30, 2022
Rupees |
| --- | --- | --- | --- |
| 8 | INTANGIBLE FIXED ASSETS | | |
| | Trading right entitlement certificate (TREC) | 10,000,000 | 10,000,000 |
| | Advance against TREC | (10,000,000) | (10,000,000) |
| | | - | - |

8.1 The Modaraba has received Rs.10 million against the sale of Trading Right Entitlement Certificate (TREC) to wholly owned subsidiaries (Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited) in pursuance of the agreement dated April 18, 2017. The process of the sale of TREC is pending with PSX.

9 LONG TERM INVESTMENT

10.1 There is no dilution effect on the basic earnings per share of the modaraba as the modaraba has no such commitments.

FIRST EQUITY MODARABA
Page 13

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2022

11 SEGMENT INFORMATION

The modaraba determines the operating segments based on the services provided by it, further their segment analysis are used internally by the management to make strategic decision.

The modaraba has three primary sources of revenue i.e. musharaka facility, brokerage operations and capital market based on the nature of business and related risk associated with each type of business segment which are not deemed by the management to be sufficiently significant to disclose as separate items are reported under others.

Segment assets and liabilities include all assets and liabilities related to the segment relevant proportion of the assets and liabilities allocated to the segment on reasonable basis.

Segment revenue and expenses include all revenue and expenses related to the segment and relevant proportion of the revenue and expenses allocated to the segment on reasonable basis.

FIRST EQUITY MODARABA
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2022

12 TRANSACTIONS WITH RELATED PARTIES

The related parties of the modaraba comprise management company, staff retirement funds, directors of the management company and key management personnel. Transactions with related parties other than remuneration and benefits to officers and employees under the terms of their employment are as follows:

| 12.1 Transactions during the period | Relationship | December 31, 2022
Rupees | December 31, 2021
Rupees |
| --- | --- | --- | --- |
| Services acquired | Associated company | 244,492 | 401,492 |
| Brokerage commission | Associated company | 83,278 | 42,867 |

13 AUTHORIZATION FOR ISSUE

The condensed interim financial information was authorized for issue in accordance with a resolution of the Board of Directors on February, 27 2023.

14 GENERAL

14.1 This condensed interim financial information is presented in Pak Rupees, which is the Modaraba's functional and presentation currency

14.2 Figures in the condensed interim financial information have been rounded off to the nearest of rupee.

Qazi Obaid Ullah
Chief Financial Officer

Adil A. Ghaffar
Chief Executive Officer
Premier Financial Services (Private) Limited

/Nadeem Maqbool
Director
Premier Financial Services (Private) Limited

Qaiser Ahmed Magoon
Director
Premier Financial Services (Private) Limited

Page 15

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of
First Equity Modaraba
half yearly ended
December 31, 2022

Page 16

EQUITY TEXTILES LIMITED
BALANCE SHEET AS AT DECEMBER 31 2022

| | UN-AUDITED
Dec 2022
Rupees | AUDITED
June 2022
Rupees |
| --- | --- | --- |
| ASSETS | | |
| NON CURRENT ASSETS | | |
| Property, plant and equipment | 1,250,973,843 | 1,283,305,443 |
| Intangibles | 3,582,588 | 3,443,661 |
| Long Term Deposits | 7,237,800 | 7,237,800 |
| | 1,261,794,231 | 1,293,986,904 |
| CURRENT ASSETS | | |
| Stores and spares | 58,484,847 | 48,258,791 |
| Stock in trade | 598,392,231 | 577,914,926 |
| Short term investment | 9,810,278 | 5,623,928 |
| Trade debts | 379,686,845 | 426,922,574 |
| Loans and advances | 13,157,345 | 11,870,715 |
| Trade deposits and short term prepayments | 100,949,128 | 85,307,836 |
| Other receivables | 80,786,082 | 54,597,442 |
| Tax refund due from government | 87,853,886 | 45,722,860 |
| Tax net | 10,872,862 | 34,031,762 |
| Cash and bank balances | 55,835,527 | 91,391,066 |
| | 1,395,829,031 | 1,381,641,900 |
| TOTAL ASSETS | 2,657,623,262 | 2,675,628,804 |
| EQUITY AND LIABILITIES | | |
| SHARE CAPITAL AND RESERVES | | |
| Authorized share capital | | |
| 25,000,000 shares of Rs. 10/- each | 250,000,000 | 250,000,000 |
| Issued, subscribed and paid-up share capital | 250,000,000 | 250,000,000 |
| Unappropriated profit | 524,488,032 | 618,453,841 |
| Unrealized loss on investments | (2,432,778) | (6,619,128) |
| Surplus on revaluation of property, plant and equipment | 488,822,100 | 514,549,579 |
| Surplus on revaluation of fixed assets | 1,260,877,354 | 1,376,384,292 |
| NON CURRENT LIABILITIES | | |
| Long term financing | 890,745 | 468,565 |
| Liabilities against assets subject to finance lease | 31,062,305 | 38,951,091 |
| GIDC Payable | 167,990,104 | 204,854,050 |
| Deferred Capital grant | - | 2,203,670 |
| Deferred taxation | 228,311,196 | 284,562,991 |
| | 428,254,350 | 531,040,367 |
| CURRENT LIABILITIES | | |
| Trade and other payables | 733,475,240 | 471,757,509 |
| Accrued Markup | 7,055,713 | 6,768,395 |
| Short term borrowings | 207,222,939 | 225,098,900 |
| Current portion of long term liabilities | 5,344,470 | 45,706,569 |
| Current portion of deferred capital grant | - | 4,229,944 |
| Current portion of lease liability | 15,393,196 | 14,642,828 |
| | 968,491,558 | 768,204,145 |
| TOTAL EQUITY AND LIABILITIES | 2,657,623,262 | 2,675,628,804 |

CHIEF EXECUTIVE

DIRECTOR

Page 17

EQUITY TEXTILES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED DECEMBER 31, 2022

| | UN-AUDITED
Dec 2022
Rupees | AUDITED
Dec 2021
Rupees |
| --- | --- | --- |
| Sales | 1,731,412,726 | 2,913,617,191 |
| Cost of Sales | (1,821,387,340) | (2,564,521,913) |
| Gross profit | (89,974,614) | 349,095,278 |
| Administrative and general expenses | (34,118,738) | (26,203,573) |
| Distribution and selling expenses | (10,157,312) | (15,624,778) |
| Operating profit/(loss) | (134,250,664) | 307,266,927 |
| Financial charges | (31,806,933) | (18,253,983) |
| Other charges | - | (20,422,132) |
| | (31,806,933) | (38,676,115) |
| Operating Profit/ (loss) | (166,057,597) | 268,590,812 |
| Other income | 3,650,542 | 3,081,431 |
| Profit / (Loss) before taxation | (162,407,055) | 271,672,243 |
| Provision for taxation | | |
| Current | (21,637,293) | (67,719,468) |
| Prior | 8,099,264 | (1,493,364) |
| Deferred | 56,251,795 | (3,102,926) |
| | 42,713,766 | (72,315,758) |
| Profit / (Loss) after taxation | (119,693,289) | 199,356,485 |
| Loss per share - basic and diluted | (4.788) | 7.974 |

CHIEF EXECUTIVE

DIRECTOR