Though Bannu Woollen Mills Limited earned a healthy gross profit in the first two quarters of the ongoing fiscal year 2022-23, it faced a huge net loss in the third quarter. In the first quarter (July-September), the company posted gross revenue of Rs240 million and gross profit of Rs60 million. The company posted a net income of Rs4 million in this quarter.
In the second quarter (October-December), the firm posted a gross revenue of Rs621 million – the highest in the three quarters – a gross profit of Rs165 million and net profit of Rs47 million. In the most recent quarter (January-March) of FY23, the company posted revenue of Rs84 million, gross profit of Rs739,000 and a huge net loss of Rs37 million.
Cumulative nine-month summary
Bannu Woollen Mills revenue increased by just 2% to Rs946 million in the first nine months of the fiscal 2022-23 (9MFY23) from Rs931 million over the corresponding period of FY22. However, gross profit drifted lower by 3% to Rs227 million in 9MFY23 from Rs234 million over the same period of FY22. The operating profit decreased 17% to Rs109 million from Rs132 million. Profit-before-tax decreased 53% to Rs54 million in 9MFY23 from Rs116 million in 9MFY22. The net income decreased 84% to Rs14 million in 9MFY23 from Rs88 million over the same period of FY22.
Bannu Woollen Mills Limited’s competitors include Amtex Limited, Saif Textile Mills, Shadab Textile Mills Limited and Kohat Textile Mills Limited.
Bannu Woollen Mills Limited has a market capitalisation of ₨201 million, which is the second highest among its competitors. Kohat Textile Mills Limited has the highest market cap of ₨249.6 million. Amtex Limited has the lowest market cap of Rs145.3 million.
Bannu Woollen Mills was incorporated in Pakistan as a public limited company in 1960 under the Companies Act, 1913. The company is principally engaged in the manufacture and sale of woollen yarn, cloth and blankets.
Credit: Independent News Pakistan-WealthPk