Financial results of Crescent Cotton Mills Limited for period ended June 30, 2016

Karachi, Crescent Cotton Mills Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on October 06, 2016.

The agenda of the meeting was discussion of profit and loss account for the year ended June 30, 2016 which portrayed a loss of Rs. 22,355 with loss per share 1.05 basic and diluted and consolidated profit and loss account for the year ended June 30, 2016 which portrayed a loss of Rs. 113,877 with loss per share 5.33 basic and diluted respectively.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

Furthermore, the share transfer books of the company will remain closed from October 24, 2016 to October 31, 2016 (both days inclusive).

The Crescent Cotton Mills Limited is a public limited company incorporated on March, 1959 in Pakistan under the Companies Ordinance, 1984. The company is engaged in business of textile manufacturing comprising of spinning, combing, weaving, dyeing, bleaching, printing, stitching, buying, selling and otherwise dealing in yarn, cloth and other goods and fabrics made from raw cotton and synthetic fiber. This assists in generating, accumulating, distributing, supplying and selling of electricity. The Company also operates a cold storage unit. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located at Lahore.

The closure of sugar as well as distillery units of the company the management and the board of directors considered changing the name of the company. On May 02, 2012 the name of the company was changed to “Crescent Cotton Mills Limited” from “Crescent Sugar Mills & Distillery Limited”.

Crescot Mills Limited is the only subsidiary of the company with 66.15% holding. Due to heavy losses the company has ceased all production activities since August, 1998 and has disposed off some of its plant and machinery. The management of the Company has got the Company de-listed from the Karachi Stock Exchange.

The symbol “CCM” is being used by the stock exchanges for the shares of Crescent Cotton Mills Limited.