Islamabad, Dec 23: Feroze1888 Mills Limited (PSX: FML) announced its decision to establish a wholly owned subsidiary in the United Kingdom, according to a notice filed with the stock exchange on Monday.
The company stated that the Board of Directors has approved the formation of the subsidiary, subject to the necessary legal and regulatory approvals.
Feroze1888 Mills is primarily engaged in the production and export of towels and collaborates with 1888 Mills (USA). The company operates manufacturing units in Sindh and Balochistan.
For the three months ending September 2024, FML reported a profit after tax of Rs2.7 million, a decline compared to the same period last year.
The company also experienced a decrease in net sales by Rs1.9 billion, or 11.3%. The decline in profits was attributed to higher energy costs, increased direct labor wages, higher finance charges, and price pressures.
