Premier Synthetics Limited Reports Profit in Q2, Appoints New Independent Director

Premier Synthetics Limited , a company operating in the textiles and rubber tube raw materials trading segments, has announced its financial results for the quarter ended June 30, along with key board decisions.

Financial Performance

The company reported a significant turnaround in its financial performance for Q2. Premier Synthetics posted a net profit of Rs 5.12 lakhs, compared to a loss of Rs 29.47 lakhs in the same quarter of the previous year. This marks a positive shift in the company's profitability.

Revenue from operations stood at Rs 321.64 lakhs for the quarter, with the company's two main segments contributing as follows:

The company's total income, including other income, amounted to Rs 345.11 lakhs for the quarter.

Segment-wise Performance

Premier Synthetics operates in two primary segments:

1. Trading of Textiles
2. Trading of Raw Material consumed in manufacturing of Rubber Tubes

The textiles segment showed a profit before interest and tax of Rs 15.38 lakhs, while the rubber tube raw materials segment reported a profit of Rs 0.67 lakhs.

Board Meeting Outcomes

During the board meeting held on August 13, several key decisions were made:

1. Financial Results Approval: The board approved the unaudited financial results for the quarter ended June 30.

2. New Director Appointment: Ms. Savita Gupta was appointed as an Additional Director (Independent Woman Director, Non-Executive). This appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

3. AGM Notice and Director's Report: The board approved the notice for the 55th Annual General Meeting and the Director's Report for the financial year ended March 31.

Other Financial Highlights

• The company's total expenses for the quarter were Rs 340.72 lakhs.
• Finance costs stood at Rs 11.66 lakhs.
• Earnings Per Share (EPS) for continuing operations was Rs 0.10.

Premier Synthetics Limited continues to focus on its two main business segments as it moves forward with its operations. The appointment of Ms. Savita Gupta as an independent director is expected to bring fresh perspectives to the company's board.

The 55th Annual General Meeting of the company will provide an opportunity for shareholders to review the company's performance and approve key appointments and reports.