DIRECTOR'S REVIEW
On behalf of the Board of Directors, I take this opportunity to present this report along with Quarterly Accounts for
the quarter ended 30th September 2003. Industrial activity still remains
subdued and power of buyer's still
prevails with lots of options, but your Management has some how tried to produce reasonably acceptable results this quarter.
Sale during the period under review has improved to Rs.18.973 Million from Rs.13.957 Million i.e. by 35.94% as against
the corresponding period of last year. Financial expenses in particular have been substantially reduced by 44.5% as compared
to last year due to reduction in mark up rates by the Bank. Administrative expenses are also contained thereby resulting in
net loss before taxation of Rs.728,848/- compared to Rs.2,042,310/- of last year. Accumulated loss carried over to Balance Sheet however remained at Rs.29,786,110/-
compared to Rs.31,000,676/- of last year.
Earning (Loss) per share for the quarter is Rs.(0.50) as compared to Rs.(1.08) of
corresponding period of last year.
Future Out-look
Though not very certain but your Management
hopes to improve its operations further especially with the help of exports and diversification.
CHAIRMAN
Karachi:
25th October 2003.
