Feroze1888 Mills Limited (FML), a leading Pakistani textile exporter, has announced plans to establish a wholly-owned subsidiary in the United Kingdom (UK).
The textile firm shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“The Board of Directors of Feroze1888 Mills Limited has, subject to requisite legal and regulatory approvals as may be applicable, approved the establishment of a wholly owned subsidiary of the company in the United Kingdom,” read the notice.
Following the development, FML’s share price rose to Rs.71.77, an increase of Rs1.22 or 1.73%, at the time of filing this report.
Incorporated in Pakistan as a public limited company in 1972, FML is in the business of manufacturing and exporting specialized yarn and textile products categorized into bath, beach and kitchen products.
Besides having an export market in over ten countries across the globe, FML also caters to the needs of the local market.
The company is partnered with 1888 Mills (USA) and has manufacturing units in Sindh and Balochistan.
As per the company’s latest financial results, FML’s profit after tax for the three months ended September 2024, clocked in at Rs2.7 million decreasing in comparison with the corresponding period of the last year.
The net sales decreased during the period by Rs1.9 billion i.e. 11.3%. The major reason for the decline in profits in comparison to the corresponding period is the significant increase in energy costs, direct labour wages and finance charges – coupled with pressure on prices.
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