Last close · 16 Oct 2026
Rs 39.42 -0.43%
Quarterly · Q1 FY2022 – Q4 FY2026
Ashfaq Textile Mills Limited (ASHT) quarterly income statement
Ashfaq Textile Mills Limited reported revenue of Rs 86.4 mn for Q4 FY2026 (Apr – Jun 2026), down 26.9% on Q4 FY2025. Gross profit came to -Rs 9.5 mn, a gross margin of -11.0%. Operating profit was -Rs 14.8 mn (an operating margin of -17.1%). Finance cost was Rs 35,000, up 1,005.5% on Q4 FY2025. The loss attributable to shareholders was Rs 6.7 mn, or Rs -0.14 per share.
| Rs mn | TTM to Jun 2026 | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 459.4 | 86.4 | 89.0 | 115.9 | 168.1 | 118.2 | 106.7 | 123.8 | 105.5 | ||||||||||||
| Cost of revenue | (438.9) | (95.9) | (91.4) | (99.3) | (152.3) | (101.8) | (85.7) | (107.3) | (116.5) | ||||||||||||
| Gross profit | 20.5 | (9.5) | (2.4) | 16.6 | 15.8 | 16.3 | 21.0 | 16.5 | (11.0) | ||||||||||||
| Selling, general & administrative expenses | (38.2) | (5.7) | (8.3) | (14.6) | (9.6) | (13.8) | (0.8) | (14.4) | (8.2) | ||||||||||||
| Operating profit | (16.0) | (14.8) | (10.0) | 1.9 | 6.9 | 3.4 | 20.7 | 4.2 | (18.1) | ||||||||||||
| Finance cost | — | (0.0) | (0.0) | — | — | (0.0) | (0.0) | (0.0) | (0.0) | ||||||||||||
| Profit before tax | (15.8) | (11.6) | (11.3) | 0.1 | 6.9 | 2.3 | 12.2 | 2.8 | (18.1) | ||||||||||||
| Taxation | — | 4.9 | — | (4.2) | (1.8) | 1.6 | — | 6.7 | (1.5) | ||||||||||||
| Profit after tax | (16.9) | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) | ||||||||||||
| Profit attributable to shareholders | (16.9) | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) | ||||||||||||
| Per share & other | |||||||||||||||||||||
| EPS – basic (Rs) Rs | (0.36) | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) | ||||||||||||
| EPS – diluted (Rs) Rs | (0.36) | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) | ||||||||||||
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
| EBITDA | 26.4 | (4.1) | 0.6 | 12.5 | 17.5 | 14.2 | 31.6 | 15.1 | (7.3) | ||||||||||||
| Depreciation & amortisation | 42.5 | 10.6 | 10.6 | 10.6 | 10.6 | 10.9 | 10.9 | 10.9 | 10.9 | ||||||||||||
| Weighted average shares mn | 46.8 | 46.8 | 46.9 | 46.7 | 46.6 | 46.6 | 47.1 | 46.5 | 46.6 | ||||||||||||
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -26.9% | -16.6% | -6.4% | +59.4% | +13.7% | -20.1% | -0.4% | +11.2% | ||||||||||||
| Cost of revenue | -5.8% | +6.6% | -7.5% | +30.8% | -17.5% | -31.9% | -16.7% | +1.3% | ||||||||||||
| Gross profit | -158.1% | -111.5% | +0.3% | — | — | +175.6% | — | — | ||||||||||||
| Selling, general & administrative expenses | -58.4% | +963.7% | +1.2% | +16.9% | +65.2% | -86.6% | -5.1% | -16.4% | ||||||||||||
| Operating profit | -540.4% | -148.4% | -54.9% | — | — | +664.0% | — | — | ||||||||||||
| Finance cost | +1,005.5% | -49.7% | — | — | +661.1% | -38.2% | +454.6% | +370.6% | ||||||||||||
| Profit before tax | -612.8% | -192.1% | -94.8% | — | — | +352.0% | — | — | ||||||||||||
| Taxation | — | — | — | +22.0% | — | — | — | -4.2% | ||||||||||||
| Profit after tax | -274.6% | -192.1% | -142.1% | — | — | — | — | — | ||||||||||||
| Profit attributable to shareholders | -274.6% | -192.1% | -142.1% | — | — | — | — | — | ||||||||||||
| Per share & other | ||||||||||||||||||||
| EPS – basic (Rs) | -273.6% | -192.3% | -142.0% | — | — | — | — | — | ||||||||||||
| EPS – diluted (Rs) | -273.6% | -192.3% | -142.0% | — | — | — | — | — | ||||||||||||
| Dividend per share (Rs) | — | — | — | — | — | — | — | — | ||||||||||||
| EBITDA | -129.1% | -98.1% | -17.1% | — | — | +153.0% | — | — | ||||||||||||
| Depreciation & amortisation | -2.4% | -2.3% | -2.5% | -2.2% | +11.1% | +11.4% | +11.4% | +11.4% | ||||||||||||
| Weighted average shares | — | — | — | — | — | — | — | — | ||||||||||||
Change against the same quarter a year earlier; shown when the earlier figure is positive.
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||||||||
| Cost of revenue | (111.0%) | (102.7%) | (85.7%) | (90.6%) | (86.2%) | (80.3%) | (86.6%) | (110.4%) | ||||||||||||
| Gross profit | (11.0%) | (2.7%) | 14.3% | 9.4% | 13.8% | 19.7% | 13.4% | (10.4%) | ||||||||||||
| Selling, general & administrative expenses | (6.6%) | (9.3%) | (12.6%) | (5.7%) | (11.6%) | (0.7%) | (11.7%) | (7.8%) | ||||||||||||
| Operating profit | (17.1%) | (11.3%) | 1.6% | 4.1% | 2.8% | 19.4% | 3.4% | (17.2%) | ||||||||||||
| Finance cost | (0.0%) | (0.0%) | — | — | (0.0%) | (0.0%) | (0.0%) | (0.0%) | ||||||||||||
| Profit before tax | (13.4%) | (12.7%) | 0.1% | 4.1% | 1.9% | 11.5% | 2.3% | (17.2%) | ||||||||||||
| Taxation | 5.7% | — | (3.6%) | (1.1%) | 1.3% | — | 5.4% | (1.4%) | ||||||||||||
| Profit after tax | (7.7%) | (12.7%) | (3.5%) | 3.0% | 3.2% | 11.5% | 7.7% | (18.6%) | ||||||||||||
| Profit attributable to shareholders | (7.7%) | (12.7%) | (3.5%) | 3.0% | 3.2% | 11.5% | 7.7% | (18.6%) | ||||||||||||
| Per share & other | ||||||||||||||||||||
| EBITDA | (4.8%) | 0.7% | 10.8% | 10.4% | 12.0% | 29.6% | 12.2% | (6.9%) | ||||||||||||
| Depreciation & amortisation | 12.3% | 11.9% | 9.1% | 6.3% | 9.2% | 10.2% | 8.8% | 10.3% | ||||||||||||
Each line as a percentage of revenue.
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. TTM = the latest four quarters added together. Updated 16 Oct 2026.
All reported line items 91
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Goods & Services | 86.4 | 89.0 | 115.9 | 168.1 | 118.2 | 106.7 | 123.8 | 105.5 |
| Sales of Goods & Services - Net - Unclassified | 86.4 | 89.0 | 115.9 | 168.1 | 118.2 | 106.7 | 123.8 | 105.5 |
| Revenue from Business Activities - Total | 86.4 | 89.0 | 115.9 | 168.1 | 118.2 | 106.7 | 123.8 | 105.5 |
| Cost of Operating Revenue | 95.9 | 91.4 | 99.3 | 152.3 | 101.8 | 85.7 | 107.3 | 116.5 |
| Cost of Revenues - Total | 95.9 | 91.4 | 99.3 | 152.3 | 101.8 | 85.7 | 107.3 | 116.5 |
| Cost of Revenues - Unclassified | 86.2 | 81.7 | 89.6 | 142.7 | 92.0 | 75.9 | 97.5 | 106.7 |
| Selling, General & Administrative Expenses - Total | 5.7 | 8.3 | 14.6 | 9.6 | 13.8 | 0.8 | 14.4 | 8.2 |
| Depreciation in Cost of Revenues | 9.7 | 9.7 | 9.7 | 9.7 | 9.8 | 9.8 | 9.8 | 9.8 |
| Other Operating Expense/(Income) - Net | (0.5) | (0.7) | 0.1 | (0.7) | (0.8) | (0.5) | (2.1) | (1.1) |
| Other Operating Income - Total | 0.5 | 0.7 | 0.5 | 0.7 | 1.5 | 0.5 | 2.3 | 1.1 |
| Gross Profit - Industrials/Property - Total | (9.5) | (2.4) | 16.6 | 15.8 | 16.3 | 21.0 | 16.5 | (11.0) |
| Operating Expenses - Total | 101.2 | 99.0 | 114.0 | 161.3 | 114.8 | 86.0 | 119.6 | 123.6 |
| Operating Profit before Non-Recurring Income/(Expense) | (14.8) | (10.0) | 1.9 | 6.9 | 3.4 | 20.7 | 4.2 | (18.1) |
| Financing Income/(Expense) - Net - Total | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Interest Expense - Net of (Interest Income) | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Other Operating Expense | 0.1 | — | 0.6 | — | 0.7 | — | 0.2 | — |
| Interest Expense - Net of Capitalized Interest | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Non-Interest Financial Income/(Expense) - Total | — | — | (0.0) | (0.0) | — | — | — | — |
| Non-Interest Financial Income/(Expense) - Other - Net | — | — | (0.0) | (0.0) | — | — | — | — |
| Other Non-Operating Income/(Expense) - Total | 3.2 | (1.2) | (1.7) | — | (1.1) | (8.5) | (1.4) | — |
| Normalized Pre-tax Profit | (11.6) | (11.3) | 0.1 | 6.9 | 2.3 | 12.2 | 2.8 | (18.1) |
| Provision for Income Tax Expense- Unclassified | (4.9) | — | 4.2 | 1.8 | (1.6) | — | (6.7) | 1.5 |
| Income before Taxes | (11.6) | (11.3) | 0.1 | 6.9 | 2.3 | 12.2 | 2.8 | (18.1) |
| Income Taxes | (4.9) | — | 4.2 | 1.8 | (1.6) | — | (6.7) | 1.5 |
| Net Income after Tax | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Income before Discontinued Operations & Extraordinary Items | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Net Income before Minority Interest | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Net Income after Minority Interest | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Income Available to Common Shares | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Other Comprehensive Income - Starting Line | — | — | — | — | — | — | — | — |
| Other Comprehensive Income - Other | — | — | — | — | — | — | — | — |
| Other Comprehensive Income - Net of Tax - Total | — | — | — | — | — | — | — | — |
| Comprehensive Income before Minority Interest - Total | — | — | — | — | — | — | — | — |
| Comprehensive Income - Attributable to Parent Company Equity Holders - Total | — | — | — | — | — | — | — | — |
| Earnings Adjustments to Net Income - Other Expense/(Income) | 0.0 | — | — | — | — | — | — | — |
| DPS - Common - Gross - Issue - By Period End Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income - Basic - including Extraordinary Items Applicable to Common - Total | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Income available to Common excluding Extraordinary Items | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Shares used to calculate Basic EPS - Total mn | 46.8 | 46.9 | 46.7 | 46.6 | 46.6 | 47.1 | 46.5 | 46.6 |
| EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Earnings Allocation Factor - Basic - Issue Specific | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× |
| Shares used to calculate Basic EPS - Issue Specific mn | 46.8 | 46.9 | 46.7 | 46.6 | 46.6 | 47.1 | 46.5 | 46.6 |
| EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Basic from Discontinued Operations & Extraordinary Items Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Comprehensive Earnings Per Share - Basic - Issue Specific Rs | — | — | — | — | — | — | — | — |
| Net Income - Diluted - including Extraordinary Items Applicable to Common - Total | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Diluted Income available to Common excluding Extraordinary Items | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Shares used to calculate Diluted EPS - Total mn | 46.8 | 46.9 | 46.7 | 46.6 | 46.6 | 47.1 | 46.5 | 46.6 |
| EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Earnings Allocation Factor - Diluted - Issue Specific | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× | 1.00× |
| Shares used to calculate Diluted EPS - Issue Specific mn | 46.8 | 46.9 | 46.7 | 46.6 | 46.6 | 47.1 | 46.5 | 46.6 |
| EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs | (0.14) | (0.24) | (0.09) | 0.11 | 0.08 | 0.26 | 0.21 | (0.42) |
| EPS - Diluted from Discontinued Operations & Extraordinary Items Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Comprehensive Earnings Per Share - Diluted - Issue Specific Rs | — | — | — | — | — | — | — | — |
| DPS - Common - Gross - Issue - By Announcement Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| DPS - Common - Net - Issue - By Announcement Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Earnings before Interest & Taxes (EBIT) | (14.8) | (10.0) | 1.9 | 6.9 | 3.4 | 20.7 | 4.2 | (18.1) |
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) | (4.1) | 0.6 | 12.5 | 17.5 | 14.2 | 31.6 | 15.1 | (7.3) |
| Depreciation & Amortization - Supplemental | 9.7 | 9.7 | 9.7 | 9.7 | 9.8 | 9.8 | 9.8 | 9.8 |
| Depreciation Expense - Total - Supplemental | 9.7 | 9.7 | 9.7 | 9.7 | 9.8 | 9.8 | 9.8 | 9.8 |
| Depreciation, Depletion & Amortization - Total | 10.6 | 10.6 | 10.6 | 10.6 | 10.9 | 10.9 | 10.9 | 10.9 |
| Depreciation - Total | 10.6 | 10.6 | 10.6 | 10.6 | 10.9 | 10.9 | 10.9 | 10.9 |
| Normalized after Tax Profit | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Normalized Net Income from Continuing Operations | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Normalized Net Income - Bottom Line | (6.7) | (11.3) | (4.0) | 5.1 | 3.8 | 12.2 | 9.5 | (19.6) |
| Earnings before Interest & Taxes (EBIT) - Normalized | (11.5) | (11.3) | 0.1 | 6.9 | 2.3 | 12.2 | 2.8 | (18.1) |
| Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized | (0.9) | (0.6) | 10.7 | 17.5 | 13.1 | 23.1 | 13.7 | (7.3) |
| Interest Expense | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating Expenses | 101.2 | 99.0 | 114.0 | 161.3 | 114.8 | 86.0 | 119.6 | 123.6 |
| Selling, General & Administrative Expenses excluding Research & Development Expenses | 5.7 | 8.3 | 14.6 | 9.6 | 13.8 | 0.8 | 14.4 | 8.2 |
| Income before Taxes & Provision for Loan Losses | (11.6) | (11.3) | 0.1 | 6.9 | 2.3 | 12.2 | 2.8 | (18.1) |
| Cost of Revenue including Operation & Maintenance (Utility) - Total | 95.9 | 91.4 | 99.3 | 152.3 | 101.8 | 85.7 | 107.3 | 116.5 |
| Cost of Revenues excluding Depreciation | 86.2 | 81.7 | 89.6 | 142.7 | 92.0 | 75.9 | 97.5 | 106.7 |
| DPS - Common - Gross - Issue - By Payable Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| DPS - Common - Gross - Issue - By Ex Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax Adjusted Operating Income | — | — | (4.0) | 5.1 | 3.8 | — | 9.5 | — |
| Operating Expenses excluding Non-Cash Charges - Total | 90.6 | 88.4 | 103.4 | 150.7 | 103.9 | 75.1 | 108.8 | 112.8 |
| Income Available to Common Shares before Depreciation & Amortization | 3.9 | (0.6) | 6.6 | 15.7 | 14.7 | 23.1 | 20.4 | (8.7) |
| Fixed Charges | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Estimated Tax Rate | 0.29× | 0.29× | 0.29× | 0.29× | 0.29× | 0.29× | 0.29× | 0.29× |
| Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Every line the company reported, in the original order and wording, without regrouping or signs changed.