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Saif Textile Mills achieves 19.77% growth in the turnover
07
May '08
It is my pleasure to present, on behalf of the Board of Directors, this report of your Company's performance for the nine months ended 31 March 2008.

Your Company has achieved 19.77% growth in the turnover against the corresponding period of the previous year.

Our Export sales have increased by 40.17% as compared, to corresponding period of the previous year:
• Gross profit margin has increased from 8.76% to 10.31% despite severe external pressures arising from the depressed market conditions, increase in energy cost with the shortage of electricity & gas and increased cost of raw material during the cotton season with the poor quality of cotton produced.
• Operating profit is Rs. 205.21 million as compared to Rs. 131.94 million for the corresponding period of last year.
• Profit before tax is Rs. 2.45 million as compared to a loss of Rs. 68.97 million for the corresponding period of last year.

Your company is not shielded from the difficulties that are affecting the profitability of the entire textile sector. The most crippling factor is the simultaneous shortage of electricity and natural gas, thereby undermining our ability to effectively utilize the installed captive power plant.

In addition, the following market conditions are also prevailing:
• Increase in the cost of inputs caused by the elevated price of petroleum products and natural gas.
• Major increase in cotton prices.
• Poor quality of cotton during the cotton season.
• Sudden increase in electricity tariffs of about 33%.
• Rising interest rates and financial charges.
• Domestic and regional political uncertainty.

The management is consistently focusing its efforts to increase exports in order to increase your company's efficiency and profit margins despite the challenges before us.

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