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DIRECTORS' REPORT TO THE SHAREHOLDERS

Your Board of Directors is pleased to present un-audited accounts of the company for the 3^rd quarter and nine months period ended March 31, 2006. 

The operations have resulted in a profit before taxation of Rs. 16.20 million whereas it was loss before tax of Rs. (21.01) million in corresponding period of previous year.

Enhanced capacity, stability in price of raw material, increase in exports and measures taken by management for producing quality goods to meet the demands of its valuable customers; had all play a vital roll in profitability of the company.

Sales increased by 87.21 % from 184.715 million in corresponding period to 345.797 million; however the cost of sales increased by only 61.44 % during the same period.

Operating expenses reduced from 5.41 % to 4.05 % of sales. Administrative costs increased this year but selling costs are stable in spite of increase in export sales.

There is no material change in position of on going litigation and other matters related to court as reported in the Directors’ report to the shareholders for the year ended June 30, 2005.

Earning per share (Basic) for the quarter under review is Rs. 1.07 positive in comparison to (2.69) negative in the corresponding period of last year.

Transactions with related parties are carried out at arms length. The prices are determined in accordance with comparable uncontrolled price method. The power is purchased from related party at rate fixed by N EPRA.

The future of your company in the long run is much bright due to the corrective and productive measures taken by the management in improving the quality along with and continuous financial support from its directors and associates.

We would like to express our appreciation for the dedication and hard work put in by the entire team at J A Textile Mills Ltd and all its partners within the country and all across the world.

For and on behalf of the Board.

Faisalabad                                                                  

Dated: 28-04-2006                                                      Imran Zahid  

Chief Executive