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

It is a textile spinning unit as such its principal activity is manufacture and sale of yarn. Apollo Textile Mills Ltd is a public limited company. It was incorporated in August 1973 but had started commercial production in November 1976.
Its shares are quoted on stock exchanges in Karachi, Lahore and Islamabad. On 20th September 2002, the market value of the share closed at Rs 12 per share carrying 20% premium over the par value of Rs 10 per share. During the last one year the market value of the share appreciated from below par value at Rs 7.50 per share to Rs 12.85 per share.
As regards profit distribution the company by passed dividend last year in 2003 and declared cash dividend @5% in 2002.
During HY 2003-04, the period under review, the company posted sales in terms of value at Rs 710.04 million as against Rs 454.70 million generated in the same period last year (SPLY). This works out to a commendable growth rate of 56%.
On the other hand the sales revenue for the second quarter (Q2 2003-04) amounted to Rs 458 million against Rs 196 million in the Q2 2002-03 showing an increase of 133%. In this Q2 Gross profit is Rs 29.3 million compared to Rs 15.4 million registering increase at 90%.
The increase in sales and gross profit is mainly due to sale of maximum stock in order to avail the opportunities available in local market. But the six months net profit is merely 0.30 million.

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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:              82.85        82.85

Reserve & Surplus:                 150.40       150.13

Shareholders Equity:               233.34       232.98

Surplus on Revaluation of

 Fixed Assets:                       8.63         8.70

L T Debts:                         200.29       205.93

Deferred Liabilities:               13.93        13.97

Current Liabilities:               938.92       508.90

Fixed Operating Assets:            509.58       520.70

L T Loans & Deposits:                9.40        10.17

Current Assets:                    876.13       439.60

Total Assets:                    1,395.11       970.48

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Profit & Loss A/c For The

 Half Year Ended            March 31 2004         2003

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Sales (Net):                       710.04       454.70

Gross Profit:                       55.62        37.39

Operating Profit:                   41.29        26.75

Other Income:                        0.18        19.85

Financial (Charges):               (32.72)     (37.89)

Profit Before Taxation:              8.71         8.28

Profit After Taxation:               0.30         5.34

Earning Per Share (Rs):              0.40         0.65

Share Price (Rs) on 20-09-04:       12.00            -

Price/Earning Ratio:               300.00            -

Book Value of Share (Rs):           28.16        28.12

Debt/Equity Ratio:                  45:55        46:54

Current Ratio:                       0.93         0.86

Gross Profit Margin (%):             7.83         8.22

Net Profit Margin (%):               0.04         1.17

R.O.A (%):                           0.02         0.55

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