January 23, 2019 (MLN): Al-Tahur Limited has issued its quarterly progress report to the Pakistan Stock Exchange, regarding the work it has done so far.
The company has procured new machinery for the farm and plant, and has capitalized Rs. 87,105,762 in respect of Plant and Machinery up to the quarter ended 31 December 2018 against total estimated expenditure of Rs. 133,002,950.
As of 31 December 2018, the company has spent Rs. 206,552,161 on civil work, against the total estimated expenditure of Rs. 206,552,161 as per the prospectus.
The company procured new Milking Parlor from the renowned dairy equipment producer GEA. The parlor is fully operational and the total expenditure incurred by the company amounts to Rs. 17,531,225.
The company also purchased 190 cows at a cost of Rs. 49,912,082, and has procured total 690 animals at total cost of Rs. 197,096,123.
The company is also in process of securing another agreement for the purchase of the remaining cows. During the quarter ended 31 December 2018, the company has made an advance payment of Rs. 10 million for purchase of another 32 cows.
With regard to utilities and ancillary equipment, no procurement has been done so far. The need for such expenditures is more likely to arise in the coming months, the report said.
