Financial results of Ghazi Fabrics International Limited for period ended March 31, 2016
Karachi, Ghazi Fabrics International Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on April 26, 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 loss of Rs. 199,158,233 and Rs. 34,008,876 with loss per share 6.10 and 1.04 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Ghazi Fabrics International Limited was set up as a vertically composite unit as the first of its kind and scale in Pakistan.
Over the years, they have established our “PANTHER” brand as a top quality yarn in the Far East and European markets. They produce A-grade PC (Poly Cotton) and CVC (Chief Value Cotton) yarns throughout the year in different blend ratios. They can produce carded as well as combed yarns, both for weaving and hosiery.
They have also been experimenting with different fibers such as modal, acrylic and nylon from time to time and have conducted extensive sampling for our buyers.
They also produce core-spun yarns using lycra for our own weaving mill. Over the years they have carried out a very aggressive BMR (Balancing, Modernization and Replacement) programme and have replaced a lot of crucial spinning machinery with latest state-of-the-art technology from Schlafhorst, RIETER, MURATA and CROSROL. They believe that the only way they can maintain a competitive edge is by modernizing our facilities constantly and keeping ourselves up to date with the latest technology.
In our weaving mill, they have replaced all our old PICANOL machines with brand new TOYOTA machines, which run at high speeds and give us a wide range of weavability and choice.
The symbol “GFIL” is being used by the stock exchange for the shares of Ghazi Fabrics International Limited.