At the desire of the government we had to change our accounting year from January-December to July-June. This has caused some inconvenience but we will cope. We are closing our accounts this time from January 2015 to June 2016, an 18 month period and the next accounts will be for a 12 month period, from July 2016 to January 2017. The Shareowners will have some issues with this adjustment of accounting year and we will address them with empathy at the AGM.
The performance was excellent and the Board is happy to present you the results. I am grateful to the Directors for their keen interest in the affairs of the Company and their wise counseling.
I am also grateful to all the employees for their dedication, loyalty and hard work which have resulted in good growth, increased market share and efficient operations. They deserve appreciations from the Board as well as from the Shareowners. Dear Shareowners, running a conglomerate is a complex task and we are fortunate that our key people have the ability to handle the diversity with precision and confidence. The Managing Director has demonstrated his ability to develop a team and lead them to a path of sustainable growth and expansion, which deserves to be acclaimed.
"Shwapno" continues to suffer from 4% VAT on its turnover, which is a clear discrimination by the government and our efforts will continue to persuade the government to create an even playing field between the retail outlet and a normal store by removing this tax. Inspite of all the difficulties we face in doing business, we are trying our best to protect your interest and ensure that the growth is adequate to fetch you a handsome return. I wish you continued prosperity.
M. Anis Ud Dowla
Chairman, ACI Group