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ASIM TEXTILE MILLS LTD.

 DIRECTORS’ REPORT TO THE MEMBERS

  Your directors are pleased to present unaudited accounts for the first quarter ended September 30, 2006.  

The company has incurred net loss of Rs. 6.193 million as compared to net profit of Rs. 1.611 million for the corresponding quarter of last year. It is due to increase in cost of production. We are facing continuous increase in prices of polyester fibre and gas. There is also a huge increase in cost of salaries and wages. Inflationary factors have also increased the prices of packing material, stores and spares etc. The industry is unable to pass the effect of these prices increase to customers because recessionary trends are prevailing in local and international market.

 Earning per share (EPS) for this quarter is Rs. (0.41) as compared to EPS of Rs. 0.11 for the corresponding quarter of last year. 

There has been no change in the status of on going court cases with the bank, as reported in the directors’ report of the financial statements for the year ended June 30, 2006.

 The management would like to place on record its appreciation for the continuous support of its shareholders, customers and employees and expect to receive same cooperation in future.

for and on behalf of the Board

Faisalabad.                                                              Zahid Anwar

30.10.2006                                                               Chief Executive