Financial results of Janana-de-Malucho Textile Mills Limited for period ended March 31, 2016
Karachi, Janana-de-Malucho Textile Mills Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Rawalpindi on April 28, 2016.
The agenda of the meeting was discussion of profit and loss account for nine months period and quarter ended March 31, 2016 which portrayed a profit of Rs. 16,523 and Rs. 15,055 with earnings per share 3.45 and 3.15 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Janana De Malucho Textile Mills Limited was incorporated on 6th October, 1960 as a Public Limited Company under the capable professional guidance of founder chairman (Late) Lt. Gen. M. Habibullah Khan Khattak. It was established as composite textile unit at Kohat with a capacity of 12,500 spindles, and 250 (weaving) looms and a processing unit.
The mill is located in Kohat at a distance of 53 km south of Peshawar. Commercial production started in 1963 and another 12,500 spindles were added to the spinning capacity in 1968 with 250 looms.
The textile industry in Pakistan suffered serious crisis from 1977 to 1985. Many mills were forced to close down their weaving and processing units especially in NWFP. Janana also closed down its weaving and processing units in 1983. However, from 1986 onwards the management of the company, with untiring efforts converted this unit back to a profit earning unit. The company from its own resources had added another 25,000 spindles along with complete back process from 1990 till 2003.
The Company is engaged in production of super fine counts of 80s and 100s combed/carded yarn from extra long staple cotton of USA Pima and CIS origin. We also manufacture and sell 40/s combed and 60/s combed yarn for air jet looms which is being sold on premium.In 2004 to take advantage of a quota free world, the company embarked to set up a new 20,000 spindles plant for export purpose only. The plant cost $9 million US dollars, and started production in June 2005. The mill is equipped with a 2005 Rieter back process and EJM 168 spinning frames with SKF drafting and Novibra-Sucessen spindles, and Murata 21C Autoconers.
The symbol “JDMT” is being used by the stock exchange for Janana De Malucho Textile Mills Limited.