Textile Spinning: ISLAND TEXTILE MILLS LIMITED - Half Year Ended March 31 2004

This textile spinning unit is equipped with 19,200 spindles. The production capacity of the plant has been rated at 5.372 millions kgs of yarn on the basis 20/s count. Island Textile Mills Ltd is a public limited company incorporated in 1970 in the province of Sindh.
Its registered office is situated in Textile Plaza, M.A. Jinnah Road Karachi and its manufacturing facilities are located at S.I.T.E Kotri (Sindh).
The company is listed at Karachi Stock Exchange. The market value of its share on 29.07.04 closed at a very high rate at Rs 190 per share which is 19 times of its par value of Rs 10. During the last one year the price of the share zoomed to Rs 212.85 per share from Rs 125.50 per share.
The company has not bypassed dividend payout in any year since 1999 and the dividend rate has remained very attractive. During the last 5 years the highest dividend was declared at 50% in the year 2000, otherwise each year the payout remained at 25% per year.
During HY 2003-04, the period under review, the company posted sales at Rs 411.78 millions (HY 2002-03 Rs 276.30 millions posting 49% increase over the same period last year. The company has invariably witnessed high growth in sales.
During the period under review the company posted pre-tax profit at Rs 16.48 millions (SPLY: Rs 13.23) which shows 24.6% growth and the amount 33% of last full year's pre-tax profit of Rs 49.28 millions.

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Performance Statistics                (Million Rupees)

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Balance Sheet                                  -As At-

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                                 March 31 September 30

                                     2004         2003

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Share Capital-Paid-up:               5.00         5.00

Reserves & Surplus:                 82.41        66.36

Shareholders Equity:                87.41        71.36

Surplus on Revaluation

 Of Fixed Assets:                   78.03        81.96

Subordinated Loans:                 28.80        28.80

Other L.T Debts:                   126.94       105.32

Deferred Liabilities:               68.99        71.65

Current Liabilities:               439.10       207.68

Tangible Fixed Assets:             386.66       347.60

Investments:                         2.00         2.00

L.T Deposits:                        0.59         1.19

Current Assets:                    440.02       216.98

Total Assets:                      829.27       566.77

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Profit & Loss A/c For The

Half Year Ended             March 31 2004         2003

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Sales:                             411.78       276.30

Gross Profit:                       40.65        39.89

Operating Profit:                   28.54        30.60

Other Income:                        0.36         0.90

Financial (Charges):               (11.40)     (17.12)

Profit Before Taxation:             16.48        13.23

Profit After Taxation:              12.12         7.75

Earning Per Share (Rs):             24.25        15.49

Share Price (Rs) 29-7-04:          190.00            -

Price/Earning Ratio:                 7.83            -

Book Value of Share (Rs):          174.82       142.72

Debt/Equity Ratio:                  40:60        37:63

Current Ratio:                       1.00        1.045

Gross Profit Margin (%):             9.87        14.43

Net Profit Margin (%):               2.94         2.80

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