Author Topic: FZTM -- Fazal Textile Mills Limited  (Read 5985 times)

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Toshi

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FZTM -- Fazal Textile Mills Limited
« Reply #-1 on: December 05, 2009, 08:51:29 AM »
All About Fazal Textile Mills Limited

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FZTM -- Fazal Textile Mills Limited
« Reply #-1 on: December 05, 2009, 08:51:29 AM »

Toshi

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Re: FZTM -- Fazal Textile Mills Limited
« on: December 05, 2009, 09:04:49 AM »
FAZAL TEXTILE MILLS LIMITED - Analysis of Financial Statements Financial Year 2005 - September 2009

OVERVIEW (December 05 2009): Fazal Textiles Mills (FZTM) is one of the oldest mills of the country. It is located in Karachi and was taken over by Yunus Brothers Group in March 1987. Yunus Brothers took over the mill when it had closed down since 1984 due to heavy losses.
The new management of FZTM took prompt and comprehensive actions to revitalize the unit by discarding the old machinery and installed the imported and latest machinery within a year's time. Presently, FZTM is producing yarn, knitted fabrics, bed sets and fitted sheets. Its exports are mainly to Far Eastern, European, US, South American, North African and the Middle East markets.

COMPANY SNAPSHOT

NAME OF COMPANY        FAZAL TEXTILE MILLS LTD
Nature of Business                     Textile
Ticker                                    FZTM
Sales FY '07                 PKR.2,263,195,000
Sales FY '08                 PKR.2,444,146,000
Share price (avg)                      PKR.355
Market Capitalization            2,196,563,565

RECENT PERFORMANCE SEPTEMBER 2009

Sales increased by Rs 110 million to Rs 900 million in 1Q10. The increase in sales was the virtue of rupee devaluation and a growth in exports, especially the knitted garments. The local sales failed to keep the last year's performance and remained laggard, while the exports showed an upward trend. The gross profit was recorded at Rs 96 million, which is Rs 23.3 million higher than the last year. GPM was higher at 10.74% as compared to 9.28% in 1Q09. PAT of Rs 60 million was recorded in 1Q09 as against PAT of Rs 18 million.

Financial charges declined drastically by 72%, due to discounting of foreign bills and lower rates on the (EFS) Export Re-finance Scheme. The future expectation is that FZTM would do well, as the price of the yarn is rising in the international market, which would help it improve its GM. However, the cost element needs to be managed wisely by taking cautious positions in cotton trade.

INDUSTRY PERFORMANCE

In 2007, the economy took a downward plunge due to political crisis in the country affecting the inflation rate and fiscal deficit, and the global recession. The most affected sector was textiles. All the companies, major players or small ones received a blow in that year. Many companies were affected severely, while some slightly. Fazal Textiles also took a blow as its financial values were seriously affected. But the company showed remarkable progress in 2008, as in 3 quarters, its financial statements are quite positive.

Nowadays Pakistan's entire textile sector is in a bad shape. Many mills have been forced to shut down due to the constantly increasing problem of high production costs, which makes them uncompetitive in the global markets and locally as well, as today our local markets are also flooded with foreign products. The government policies are also not of much help. In view of all these issues we see that Fazal Textiles is going through a hard time to avoid difficult situations.

PROFITABILITY

The gross sales of the company stood at Rs 2.58 billion in FY08 (FY07: 2.38 billion). Exports contributed Rs 1.91 billion and local sales Rs 672 million (FY07: exports Rs 1.81 billion, local sales Rs 575 million). Exports and local sales exhibited 6% and 17% growth respectively. The net sales in FY08 stood at Rs 2.4 billion (FY07: Rs 2.26 billion) an increase of 8%. The cost of goods sold also increased by 8%. The sales are growing at a declining rate as the increase in sales was by 23% in FY06, 12% in FY07 and 8% in FY08. The cost of goods sold followed a similar trend and hence the gross profit has remained in the band of Rs 120 million to Rs 180 million over the period studied. In FY08 the gross profit has shown improvement by 15% and stands at Rs 140 million (FY07: Rs 121 million). This is mainly due to decline in cost of goods sold from 16% in FY07 to 8% in FY08.

The staff benefits worth Rs 9.782 million (FY07: Rs 9.64 million) were given while the company earned an R&D subsidy worth Rs 2.326 million (FY07: Rs 1.549 million). The main cost drivers were salaries, power and other operating expenses while the R&D subsidy neutralized the impact. Net income of Fazal Textiles increased in FY06, but incurred a loss of Rs 20 million in FY07. However, in FY08 the situation has turned around and the company has made a profit of Rs 10 million. The graph also shows that the proportion of after tax income has declined considerably relative to the gross profits.

This is due to combination rising cost of production due to the inflated costs of raw materials, increase in interest rates and the operating expenses for the company. In FY08, the expenses and the finance cost have declined by 1% and 9% respectively which have significantly improved the bottom-line of the company. The PAT registers a 149% increase. The profitability of the company has improved from FY07 but is not up to the level of the prior years.

The gross profit margin has increased from 5.35% in FY07 to 5.72% in FY08. Net profit margin has improved from -0.90% in FY07 to 0.41% in FY08. The ROA has increased from -1.12% in FY07 to 0.30% in FY08. The total assets have increased by 82% in FY08. This is mainly due to a huge increase in operating fixed assets from Rs 250 thousand in FY07 to Rs 915 million in FY08. This is due to construction of a new factory building and development of land in FB Area. The ROE has increased from -2.88% in FY07 to 1.39% in FY08. The total equity has increased by 1%. This is primarily due to improvement in net profits by 149%.

LIQUIDITY

The liquidity of Fazal Textiles is commendable, as the ratios have remained high. The main reason for the strong liquidity of the company is that its current assets have always been on the rise, with only the exception of 2007, where it fell by 12%. The main driver was cash and bank balances and it showed an increase of 861% in FY08. The cash ratio proves that, as it has increased from 0.001 in FY07 to 0.01 in FY08. This component showed a declining trend in the past years, but in FY08 it has shown a steep rise. The current liabilities have increased by 48% in FY08 with the driver being accrued markup as it has shown increase of 185%.

In FY08 the current ratio increased to 1.10 (FY07: 1.03). The current ratio increased in 2006, but showed a steep decline in 2007. The company has managed to keep its head above the others even in the difficult year of 2007, when the entire textile industry as well as our economy took a downward plunge. In that year the current assets went down steeply, whereas the current liabilities were kept at almost the same level as that of FY06, which saved the ratio from going further down. The quick ratio has remained constant at 0.68. This is due to the offsetting impact between quick assets and current liabilities. The increase in quick assets (current assets minus inventory) and current liabilities was 0% in FY07 and 48% and 49% respectively in FY08.

Hence the ratio remained constant despite huge increase in stock in trade of 82% in FY08. The company has shown improved liquidity on the back of trade debts in the past few years. Maintaining a high level of trade debts is not compatible with good asset management and indicates that the cash is tied up. In FY08, improvement in current ratio is driven by cash. However, keeping surplus cash is also not in the interest of the company as it has an opportunity cost attached. The company must find a balance between these contradictory objectives. It must determine the optimum level of current assets keeping the debt and asset management in view. After that the company must maintain that optimum level consistently. Otherwise it will face liquidity difficulties.

ASSET MANAGEMENT


The Days Sales Outstanding (DSO) ratio has increased from 104 days in FY07 to 126 days in FY08. This is due to huge increase in trade debts by 30% in FY08 while net sales have increased by 8%. This shows that the company's credit policy needs improvement, as the customers are not paying on time. The inventory turnover (ITO) ratio has increased from 56 days in FY07 to 95 days in FY08. The stock in trade has increased by a humungous amount of 82% which shows that the company was not able to sell off a considerable proportion of goods it manufactured.

The company produced more than the last year level but was not able to sell-off proportionately which indicates erroneous sales forecast. The operating cycle has thus accumulated 60 additional days from FY07 and now stands at 221 days. The operating cycle analysis shows that the rosy picture created with high liquidity ratios does not hold up with the asset management analysis.

Total asset turnover (TATO) has increased from -0.011 in FY07 to 0.03 in FY08. This is due to the company making a profit this year as opposed to FY07 when it incurred net loss. The company has also increased total assets due to additions in fixed operating assets. This dampened the TATO, which would otherwise have been higher. TATO was high in the initial years on back of high net profit and low total assets. The sales to equity (S/E) has shown an inclining trend. S/E has increased from 3.19 in FY07 to 3.39 in FY08. This is due to 8% increase in net sales and 1% increase in equity. Considering the gross profit margins and net profits the increase in this ratio does not substantially impact asset management or profitability in a positive manner. The sales are still insufficient to generate enough operating profit or cash flow to ensure and sustain liquidity. Also the company needs to increase its equity base to finance substantial growth in sales.

DEBT MANAGEMENT

The debt to asset ratio has decreased from 0.61 in FY07 to 0.48 in FY08. This is due to 82% rise in total assets while total debt increased by 44%. The debt to equity has increased from 1.57 in FY07 to 2.23 in FY08. The equity increased by just 1%. The long-term debt to equity ratio shows a declining trend from 0.12 in FY07 to 0.11 in FY08 due to a decline in deferred taxation. Hence the debt management ratios are in contradiction with each other. Fazal Textiles has been raising its borrowed amounts over the years. This has led to the constant rise in the debt to equity ratio. The loans were used to stay competitive in foreign markets and also to put some expansionary plans in action.

INVESTORS EXPECTATIONS

The earnings per share (EPS) of Fazal Textile has shown a volatile trend. The EPS has improved from minus Rs 3.31 per share to Rs 1.62 per share. The company has recovered and the positive EPS sends out positive signals to investors amid uncertainty in the textile industry as a whole. Many textile companies have incurred losses over consecutive years. However, in the current analysis of FZTM, only FY07 was the unfortunate year when the company incurred loss. Also in FY08 the company is seen to be recovering quickly from the setbacks it had in FY07. The EPS has translated into a favorable market price trend for the stock till FY08. The stock has begun to show decline in FY09 as seen in the stock price chart.

The market price has shown a huge increase from Rs 278.50 per share in FY07 to Rs 778.14 per share in FY08. Consequently the P/E ratio shows an increase from minus 84.14 in FY07 to 480.33 in FY08. This can also indicate that the stock is overvalued which shows the subsequent decline in market value of the stock. Hence the P/E ratio indicating positive future expectations about the stock are reversed with the low market values of the stock in FY09. Overall, Fazal Textiles has shown some good trends over the years and promise the shareholders good profits. The economic events of FY07 also hurt the company, but so far in FY08 it is seen to be recovering quickly.

It has shown good profitability, liquidity and debt management trends, but its fault lies in its large portions of cost of goods sold and asset management, which could hurt the net income of the company. Hence Fazal Textiles has to be careful in managing its costs in the future, to ensure that the shareholders get something back for keeping their confidence in the company shares. The company has given dividend of Rs 1.5 per share this year due to better profitability of the company vis-a-vis last year.
In 2008 the company took massive loans to stay in production after losses faced in 2007, which has led to high debt ratio and which will raise the payables in the future. Fazal Textiles incurred increased loans over the years, especially in short term borrowing and trade payables. The policy of the company was to keep the long term loans as low as possible. Due to this we see a steady stream of short term borrowing over the years. Over the years, Fazal Textiles has been facing increased finance costs due to increased interest rates over the years due to the tight monetary policy.

As a result the company pays more interest on the same principal. Also the net income has been decreasing over the years, resulting in decreased ratio of times interest earned. TIE ratio has increased from 1.02 in FY07 to 1.40 in FY08. This is due to the company making a higher operating profit, which increased 25% owing to increase in gross profit and lower operating expenses. The financial cost also showed a 9% decline in FY08. This contributes to improvement in the ratio. The company seems to be able to finance interest expenses through operating profit/EBIT.

FAZAL TEXTILE MILLS LTD - FINANCIALS


BALANCE SHEET                          FY'05      FY'06      FY'07      FY'08

Property, plant and equipment        666,272    652,327    741,516    719,115
Operating fixed assets                 3,670          -        250    914,782
Capital work in progress             669,942    652,327    741,766  1,633,897
Long term loans                        4,121      2,729     15,695     13,929
Long term deposit                        532        532        532        532
NON-CURRENT ASSETS                 1,344,537  1,307,915  1,499,759  3,282,255
Stock in trade                       687,619    484,255    329,953    601,284
Trade debts                          235,954    649,618    646,461    841,740
Loans and advances                    15,423     27,643     42,277    168,523
Trade deposits &
 short term prepayments                9,640     10,513      5,501     15,901
Cash and bank balances                 3,498      2,007      1,514     14,552
CURRENT ASSETS                     1,024,765  1,213,208  1,066,294  1,680,373
TOTAL ASSETS                       1,699,360  1,868,796  1,824,287  3,328,731
Total Equity                         712,688    745,838    709,908    719,948
Long term finance                          -          -          -  1,000,000
Deferred gratuity                     13,458     25,095     28,338     29,032
Deferred taxation                     77,075     61,506     54,110     50,445
NON CURRENT LIABILITIES               90,533     86,601     82,448     79,477
Trade and other payables             112,071    102,738    267,442    156,057
Accured markup                         9,693     15,338     17,196     48,936
Short term borrowings                774,375    918,079    747,293  1,324,313
CURRENT LIABILITIES                  896,139  1,036,357  1,031,931  1,529,306

INCOME STATEMENT                       FY'05      FY'06      FY'07      FY'08

ales                              1,642,382  2,027,303  2,263,195  2,444,146
Cost of Sales                      1,480,091  1,851,733  2,142,018  2,304,242
Gross Profit                         162,291    175,570    121,177    139,904
General & administrative expenses     29,059     38,060     35,630     31,903
Selling & distribution expenses       10,627     12,894     14,552     13,384
Other operating income                (2,019)    (3,622)    (6,466)   (3,826)
Other operating charges                5,050      2,708         66      2,028
Operating profit                     119,574    125,530     77,395     96,415
Financial cost                        41,407     74,071     76,159     69,054
Profit before taxation                78,167     51,459      1,236     27,361
Tax                                   37,285      2,840     21,697     17,321
Profit/(Loss) after Taxation          40,882     48,619    (20,461)    10,040
EPS-basic and diluted (Rupees)          6.61       7.86      (3.31)      1.62

RATIO ANALYSIS

Profitability                          FY'05      FY'06      FY'07      FY'08
Gross Profit Margin                     0.10       0.09       0.05       0.06
Profit Margin                           0.02       0.02      -0.01       0.00
ROA (RHS)                               0.02       0.03      -0.01       0.00
ROE (RHS)                               0.06       0.07      -0.03       0.01

Liquidity                              FY'05      FY'06      FY'07      FY'08
Current Ratio                        1.14       1.17       1.03       1.10
Quick Ratio                           0.33       0.67       0.68       0.68
Cash Ratio (RHS)                    0.00       0.00       0.00       0.01

Asset Management                       FY'05      FY'06      FY'07      FY'08
DSO                                            52        117        104        126
ITO                                           170         95         56         95
Operating Cycle                           222        212        160        221
Total assets turnover (RHS)           0.02       0.03      -0.01       0.00
Sales/ Equity                               2.30       2.72       3.19       3.39

Debt Management                        FY'05      FY'06      FY'07      FY'08
Debt To Equity                             1.38       1.51       1.57       2.23
Debt to Asset                              0.58       0.60       0.61       0.48
Long term debt to equity               0.13       0.12       0.12       0.11
TIE (RHS)                                   2.89       1.69       1.02       1.40

Investor Expectations                  FY'05      FY'06      FY'07      FY'08
Market Value (RHS)                     79.00     150.00     278.50     778.14
EPS                                          6.61       7.86      -3.31       1.62
P/E (RHS)                                 11.95      19.08     -84.14     480.33
Book Value                                0.12       0.12       0.11        0.12
Weighted avg no of shares     6,187,503  6,187,503  6,187,503  6,187,503

COURTESY: Economics and Finance Department, Institute of Business Administration

Offline Karuli

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #1 on: December 06, 2009, 05:25:26 PM »
well done Toshi bhai

Offline Poker Face

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #2 on: October 29, 2010, 05:36:33 PM »
The company has announced fully diluted eps of 12.91 and following the trend also announced a specie dividend of 100% shares of Fatima Fertilizer. :biggrin:

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #3 on: August 14, 2013, 06:09:51 PM »
The company has announced fully diluted eps of 12.91 and following the trend also announced a specie dividend of 100% shares of Fatima Fertilizer. :biggrin:
  :o
it must have been fazal cloth mills ... fazal cloth mills is related to fatima group
fazal textile mills is a YB company.
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Offline MZ

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #4 on: September 20, 2013, 12:36:14 PM »

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Offline MZ

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #6 on: May 01, 2014, 08:58:38 AM »
Fazal Textile Mills Limited (KSE: FZTM) is one of the older mills of the country and is located in Karachi. FZTM was taken over by well-known trading house, the Yunus Brothers group in March 1987. The firm is primarily engaged in producing 100 percent grey cotton spun yarn for knitting and air jet weaving. FZTM also produces a wide range of blended and heather yarns.

FZTM is equipped with state of the art machinery and presently has 60,000 spindles installed for production. The company mainly exports its value-added product, knitted fabric, to US and South America, whereas its grey fabric is exported to Europe, mainly Italy. Other countries that buy from FTML include from North Africa and Middle East.

Performance for 1H FY14 Net sales of the company have been continuing to increase over the years since FY09. In 1H FY14, there was an 18.7 percent year-on-year growth in the turnover of FZTM, settling the figure at Rs 3.3 billion. This uptick was due to an increase in sale volume of fabrics and increase in capacity and production of yarn.

There was a corresponding increase in the company's cost of sales, which increased to Rs 2.9 billion, a rise of 20 percent year on year. The main cost drivers were salaries, repairs and maintenance and power. Also, gross profit of the FZTM witnessed a 12.6 percent year-on-year growth, on the back of an increase in the production of a value-added product, knitted fabrics.

During the period under review, the company recorded a net profit of Rs 142 million, compared to the net profit of Rs 175 million, down by 19 percent year on year. Notable pressure to bottom line is seen owing to severe electricity and gas load shedding. Further decline in pre-tax profit is due to the provision of deferred tax amounting to Rs 53.478 million. Hence, the effective taxation rate increased from 9 percent to 32 percent year on year.

In 1H FY14, the liquidity ratios demonstrated a decline mainly at the back on decrease in current assets by 18.8 percent year on year. The main driver was trade debts, declining by 55 percent, respectively. FZTM has been raising its long-term borrowings over the years, an upsurge of 99 percent year on year in 1H FY14. The loans were used to stay competitive in foreign markets and also to put some expansionary plans into action like the demolition of the old building and construction of the new Mall. Thus, finance cost of the company showed a significant increase of 233 percent year-on-year attributable to enhanced borrowings to meet working capital requirements for production. With a decline in the company's profits in 1H FY14, the EPS fell to Rs 23, a decline of 18 percent for the same period in previous financial year.

Future outlook The global economic conditions have not improved much in the current half year but optimism prevails that world economy will rebound soon. The size of cotton crop is short of domestic consumption, as a result the prices of lint cotton are a little high adding to cost of production. FZTM is in the process of replenishing its requirement of lint cotton for the 2H FY14 at competitive prices.

According to the newest decision taken by ECC, the government has imposed a 5 percent duty on imported yarn from India in order to support the local spinning industry. Therefore, the local spinning industry can now accommodate to the rise in local demand coming out of the GSP+ status, and increase their profitability levels.

However, the energy crisis, inflation, high-ocean and surface freight charges, and the pressure of yarn prices in local as well in international market are likely to exert pressure on margins.

Despite the challenges that keep posing threats to the textile industry, the management of FZTM is determined to do everything to combat difficulties and achieve satisfactory financial results.

=====================================================
                                    1HFY12     1HFY13    1HFY14
=====================================================
Profitability
-----------------------------------------------------
Gross profit margin           7.5%      11.7%     11.1%
Operating profit margin     5.5%       7.9%      8.3%
Net profit margin              3.8%       6.3%      4.3%
ROE                                4.6%       9.3%      6.3%
ROA                         1.4%       2.5%      1.8%
-----------------------------------------------------
Liquidity
-----------------------------------------------------
Current ratio               0.71       1.05      0.79
Quick ratio                 0.29       0.65      0.30
-----------------------------------------------------
Turnover
-----------------------------------------------------
Total asset turnover        0.38       0.39      0.42
Fixed asset turnover        0.72       0.77      0.65
Market
EPS - Rs                    12.5      28.32      23.0
=====================================================

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #7 on: May 12, 2014, 09:44:42 AM »
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=054535&pagesize=1&pageno=1

looks like fztm will sell its textile business to gadoon to concentrate on Lucky one mall
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Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #8 on: May 12, 2014, 09:50:20 AM »
it might be some cash some shares deal.
disposal of textile business will free up money (1.4 billion in march ) stuck in inventories.
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Re: FZTM -- Fazal Textile Mills Limited
« Reply #9 on: September 10, 2014, 02:46:32 PM »
9 month eps is 26.75. trading at 820. 
Its full year result is today.
I hate waking up.

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #10 on: September 10, 2014, 03:25:45 PM »
9 month eps is 26.75. trading at 820. 
Its full year result is today.

http://www.kse.com.pk/newsattachment/057061.pdf

dps 5 eps 19.12 ie 7.63 rupees per share loss in q4

Now give it back to me  for 500
I hate waking up.

Offline umerishtiaq

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #11 on: January 28, 2015, 03:31:07 PM »
9 month eps is 26.75. trading at 820. 
Its full year result is today.

http://www.kse.com.pk/newsattachment/057061.pdf

dps 5 eps 19.12 ie 7.63 rupees per share loss in q4

Now give it back to me  for 500

Below 500 now  :bigeyed:

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #12 on: January 28, 2015, 03:38:35 PM »
9 month eps is 26.75. trading at 820. 
Its full year result is today.

http://www.kse.com.pk/newsattachment/057061.pdf

dps 5 eps 19.12 ie 7.63 rupees per share loss in q4

Now give it back to me  for 500

Below 500 now  :bigeyed:

not worth it now
I hate waking up.

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #13 on: January 29, 2015, 12:01:20 AM »
9 month eps is 26.75. trading at 820. 
Its full year result is today.

http://www.kse.com.pk/newsattachment/057061.pdf

dps 5 eps 19.12 ie 7.63 rupees per share loss in q4

Now give it back to me  for 500

Below 500 now  :bigeyed:

not worth it now

eogm for stealing from minority shareholders

http://www.kse.com.pk/newsattachment/061950.pdf

number of fucks given by secp = 0
I hate waking up.

Offline SBM

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Re: FZTM -- Fazal Textile Mills Limited
« Reply #14 on: February 23, 2015, 02:51:26 PM »
I hate waking up.

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