QuarterlyFinancial Statements For and upto the 3rd Quarter Ended March 31,
2024
CONTENTS
Company Information | 2 |
Directors' Review | 3 |
Statement of Financial Position | 4 |
Statement of Profit or Loss | 5 |
Statement of Comprehensive Income ……………………6 | |
Statement of Cash Flows | 7 |
Statement of Changes in Equity | 8 |
Notes to and Forming Part of the | |
Condensed Interim Financial Statements | 9 |
Page-1
2
COMPANY INFORMATION
Board of Directors | ||
Mr. Sikandar M. Khan | Chairman / Non-Executive Director. | |
Mr. Mujtaba Ahmad | Chief Executive Officer | |
Mr. Sohail Bashir Rana | Non-Executive Director | |
Mr. Laeeq Uddin Ansari | Non-Executive Director | |
Mr. S.M.Irfan Aqeel | Non-Executive Director | |
Mr. Aamir Amin | Independent Director | |
Mr. Abdul Hamid Ahmed Dagia | Independent Director | |
Mrs. Tabassum Rana | Independent Director | |
Company Secretary | ||
Mr. Arafat Mushir | ||
Chief Financial Officer | ||
Syed Sajid Ali | ||
Auditors | ||
M/s. A. F. Ferguson & Co. | Chartered Accountants |
Legal Advisors
M/s. Latif & Latif Advocates
M/s. Rizwan Manai Associates
Bankers
Habib Bank Limited
MCB Bank Limited
Bank Alfalah Limited
Dubai Islamic Bank Pakistan Limited
Meezan Bank Limited
Faysal Bank Limited
Askari Bank Limited
Bank AL Habib Limited
Habib Metropolitan Bank Limited
Share Registrar
CDC Shares Registrar Services Limited
CDC House, 99-B,Block-B, S.M.C.H.S.
Main Shahrah-e-Faisal, Karachi
Tel: +92-800-23275
Fax: +92-21-34326053
Registered Office
Main RCD Highway, Hub Chowki,
District Lasbela, Balochistan, Pakistan
Tel : +92-853-364033,363296
Fax : +92-853-363292
E-mail: bclhub@bclpk.com
Web Site
www.bolancastings.com
Page-2
DIRECTORS' REVIEW
Dear Shareholders
The Directors of your Company are pleased to present the un-audited financial statements for and upto the 3rd quarter ended March 31, 2024.
During the third quarter under review the Company recorded net sales of Rs.953.70 million as compared to Rs.
548.53 million of the same period of last year, while the cumulative sales figures for the nine months under review, were Rs. 2,611.74 million as compared to Rs. 1,478.74 million of the same period of last year.
The gross profit for the third quarter was Rs.178.93 as compared to Rs.56.433 million of same period of last year, while the gross profit for the nine months under review was Rs. 479.96 million as compared to Rs. 82.65 million of the corresponding period of last year. The profit after tax for the third quarter was Rs. 68.50 as compared to Rs. 2.04 million of the same period of last year, while the profit after tax for the nine months was Rs.184.29 million as compared to loss after tax of Rs. 63.92 million of the same period of last year.
The earning per share for the third quarter was Rs. 5.97 against Rs. 0.18, for the same period of last year while the earning per share for the ninth months were Rs. 16.06 as against the loss per share of Rs. 5.57 of the corresponding period of last year.
The tractor industry is booming this year due to significant growth in the agriculture sector. Thus, Millat Tractors and its allied industry are showing a remarkable progress. Your company has also performed well and earned a record profit in the last nine months. This could also be attributed to the untiring efforts of the BCL new management team, who implemented various cost-cutting measures such as the usage of local raw material in place of imported materials together with enhancing capacity utilization.
Keeping in view the present situation, the financial position of your company looks bright in the coming months also.
We would like to thank and acknowledge the efforts and cooperation of our executives and workforce, vendors and all other stakeholders in meeting the challenges faced during the current period under review.
For and on behalf of the Board
Karachi: April 23, 2024. | MUJTABA AHMAD |
Chief Executive Officer |
Page-3
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2024
Note | |
ASSETS | |
Non-current assets | |
Property, plant and equipment | 5 |
Long-term investment | 6 |
Long-term loans and advances | |
Deferred tax asset - net | 7 |
Long-term deposits | |
Employee benefits plan asset | |
Current assets | |
Stores, spare parts and loose tools | |
Inventories | 8 |
Trade receivables | 9 |
Loans and advances | |
Trade deposits and short-term prepayments | |
Other receivables | |
Taxation - payments less provision | |
Cash and bank balances | 10 |
TOTAL ASSETS | |
EQUITY AND LIABILITIES | |
Share Capital and reserves | |
Share capital | |
General and other reserves | |
LIABILITIES | |
Non-current liabilities | |
Long-term deposits | |
Employee benefits plan obligations | |
Long-term financing | 11 |
Current liabilities | |
Trade and other payables | 12 |
Advances from customers | |
Accrued mark-up | |
Current portion of long-term deposits | |
Current portion of long-term financing | 11 |
Unclaimed dividend | |
Short-term financing | 13 |
TOTAL LIABILITIES | |
Contingency and commitments | 14 |
TOTAL EQUITY AND LIABILITIES
(Unaudited)
March 31,
2024
Rupees
162,382,316
47,437,500
784,120
25,882,101
4,347,790
14,886,310
255,720,137
136,136,550
358,436,560
135,508,692
4,518,020
4,790,476
1,430,322
66,275,864
64,687,904
771,784,388
1,027,504,525
114,725,290
293,439,395
408,164,685
2,028,026
22,436,275
80,000,000
104,464,301
355,144,742
6,062,925
15,269,186
-
60,000,000
3,398,686
75,000,000
514,875,539
619,339,840
1,027,504,525
(Audited) June 30, 2023 Rupees
170,927,775
18,975,000
1,026,000
72,524,645
4,347,790
20,598,929
288,400,139
117,631,087
313,746,345
99,400,812
9,004,695
4,324,180
899,844
69,941,541
26,172,849
641,121,353
929,521,492
114,725,290
85,221,947
199,947,237
1,580,890
26,981,450
-
28,562,340
321,494,735
1,044,936
18,021,942
1,461,362
-
3,399,012
355,589,928
701,011,915
729,574,255
929,521,492
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief Executiv | Director | Chief Financial officer |
Page-4
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
FOR THE PERIOD ENDED MARCH 31, 2024 - (UNAUDITED)
Quarter ended | Period ended | |||||||
Note | March 31, | March 31, | March 31, | March 31, | ||||
2024 | 2023 | 2024 | 2023 | |||||
Rupees | ||||||||
Revenue from contracts with customers | 15 | 953,702,712 | 548,536,954 | 2,611,749,974 | 1,478,746,001 | |||
Cost of sales | 16 | (774,765,455) | (492,103,197) | (2,131,789,399) | (1,396,093,037) | |||
Gross profit | 178,937,257 | 56,433,757 | 479,960,575 | 82,652,964 | ||||
Distribution expenses | (23,475,270) | (13,749,151) | (61,405,825) | (37,124,274) | ||||
Administrative expenses | (30,986,971) | (17,142,547) | (77,644,276) | (45,919,262) | ||||
Other expenses | 17 | (7,876,482) | - | (21,176,289) | - | |||
Other income | 6,757,023 | 2,481,942 | 14,578,340 | 12,512,899 | ||||
Operating profit | 123,355,557 | 28,024,001 | 334,312,525 | 12,122,327 | ||||
Finance cost | (14,305,776) | (19,054,805) | (53,917,262) | (57,871,943) | ||||
Profit / (loss) before tax | 109,049,781 | 8,969,196 | 280,395,263 | (45,749,616) | ||||
Income tax expense | 18 | (40,549,519) | (6,922,723) | (96,102,740) | (18,173,619) | |||
Profit / (loss) for the period | 68,500,262 | 2,046,473 | 184,292,523 | (63,923,235) | ||||
Earnings / (loss) per share - basic and diluted | 19 | 5.97 | 0.18 | 16.06 | (5.57) | |||
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief Executive | Director | Chief Financial Officer |
Page-5
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED MARCH 31, 2024 - (UNAUDITED)
Quarter ended | Period ended | |||
March 31, | March 31, | March 31, | March 31, | |
2024 | 2023 | 2024 | 2023 |
Rupees
Profit / (loss) for the period
Comprehensive income / (loss)
Items that will not be reclassified to profit or loss in subsequent period
Remeasurements of employee benefits Impact of deferred tax
Unrealised gain / (loss) on revaluation of investment at fair value through other comprehensive income - note 6
Total comprehensive income / (loss) for the period
68,500,262
-
-
-
(8,765,875)
59,734,387
2,046,473
-
-
-
(296,125)
1,750,348
184,292,523
(6,390,951)
1,853,376
(4,537,575)
28,462,500
208,217,448
(63,923,235)
-
-
-
(1,782,500)
(65,705,735)
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief Executive | Director | Chief Financial Officer |
Page-6
For nine months ended
March 31, | March 31, | |
Note | 2024 | 2023 |
Rupees | Rupees |
20 279,510,850
241,880
(1,056,913)
(43,898,456)
(6,177,639)
(56,439,141)
172,180,581
(8,154,549)
3,551,454
4,652,873
3,018,750
3,068,528
(326)
165,000,000
(25,000,000)
139,999,674
315,248,783
(329,417,079)
168,671,413
(229,000)
(671,732)
(34,180,408)
(4,266,300)
(52,455,667)
76,868,306
(1,964,500)
4,102,742
668,389
2,084,375
4,891,006
-
-
(28,684,470)
(28,684,470)
53,074,842
(402,022,555)
21 (14,168,296) (348,947,713)
form an integral part of these condensed interim financial statements.
Chief Executive | Director | Chief Financial Officer |
Page-7
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED MARCH 31, 2024 - (UNAUDITED)
Reserves | |||||||
Capital | Revenue | Gain (loss) on | |||||
revaluation of | Total | ||||||
Share | Share | General | Accumulated | investment at fair | Sub Total | ||
value through other | |||||||
Capital | premium | reserve | loss | ||||
comprehensive | |||||||
income (OCI) |
Rupees
Balance as at July 1, 2022
Total comprehensive loss for the
period ended March 31, 2023
- Loss for the period
- Other comprehensive loss for the period
Balance as at March 31, 2023 (unaudited)
114,725,290 | 12,155,680 | 424,500,000 | (339,043,542) | 16,350,000 | 113,962,138 | 228,687,428 | ||||||
- | - | - | (63,923,235) | - | (63,923,235) | (63,923,235) | ||||||
- | - | - | - | (1,782,500) | (1,782,500) | (1,782,500) | ||||||
- | - | - | (63,923,235) | (1,782,500) | (65,705,735) | (65,705,735) | ||||||
114,725,290 | 12,155,680 | 424,500,000 | (402,966,777) | 14,567,500 | 48,256,403 | 162,981,693 | ||||||
Balance at on July 1, 2023
Total comprehensive income / (loss) for the period ended March 31, 2024
- Profit for the period
- Other comprehensive (loss) / profit for the period
114,725,290 12,155,680
- | - | |
- | - | |
- | - |
424,500,000
-
-
-
(364,908,733)
184,292,523
(4,537,575)
179,754,948
13,475,000
-
28,462,500
28,462,500
85,221,947 199,947,237
184,292,523 | 184,292,523 | |
23,924,925 | 23,924,925 | |
208,217,448 | 208,217,448 |
Balance as at March 31, 2024 (unaudited) | 114,725,290 | 12,155,680 | 424,500,000 | (185,153,785) | 41,937,500 | 293,439,395 | 408,164,685 |
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief Executive | Director | Chief Financial Officer |
Page-8
BOLAN CASTINGS LIMITED
NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2024 - (UNAUDITED)
-
THE COMPANY AND ITS OPERATIONS
Bolan Castings Limited (the Company) is a public limited company incorporated in Pakistan on July 15, 1982 under the Companies Act, 1913 (now the Companies Act, 2017) , and listed on the Pakistan Stock Exchange (PSX). The Company manufactures and sells castings for tractors and automotive parts.
The geographical location and address of the Company's business unit, including plant is RCD Highway, Hub Chowki, District Lasbela, Balochistan, Pakistan.
The Company is a subsidiary of Millat Tractors Limited (the Parent Company) which holds Rs. 5.67 million (June 30, 2023: Rs. 5.67 million) shares of the Company along with the directors as at March 31, 2024 representing 49.02% (June 30, 2023: 49.02%) shareholding in the Company. - BASIS OF PREPARATION
2.1 Statement of compliance
These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements do not include all the information required for full financial statements and should be read in conjunction with the annual financial statements for the year ended June 30, 2023.
-
Basis of measurement
These condensed interim financial statements have been prepared; - Under the historical cost convention except otherwise stated.
- Following accrual basis of accounting except for cash flow information.
-
Functional and presentation currency
These condensed interim financial statements are presented in Pakistani Rupees, which is also the Company's functional currency.
3. ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of annual audited financial statements of the Company as at and for the year ended June 30, 2023.
Page-9
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Bolan Castings Ltd. published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 03:54:05 UTC.