Dost Steels Limited’s financial results for the year ended June 30, 2011

Karachi: We are pleased to inform you that the Board of Directors of our company in their meeting held on 21st September 2011 at 11:00 a.m. at the Registered Office of the company situated at Plot # 222, Sector – 39, Korangi Creek Industrial Area, Karachi – 74900 to consider and approved the financial statement for the year ended June 30, 2011 and has recommended the following:

 

Cash DividendNil
Bonus SharesNil
Right SharesNil
Any other Entitlement/Corporate ActionNil
Any other Price-Sensitive InformationNil

 

 

The financial results enclosed herewith.

The Annual General Meeting of Dost Steels Limited (DSL) will be held on 27th October 2011 at 09:00 (a.m.) at Plot # 222, Sector – 39, Korangi Creek Industrial Area, Karachi 74900.

The Share Transfer Books of the Company will be closed from 20-10-2011 to 27-10-2011 (both days inclusive). Transfer received at the Shares Registrar M/s. Your Secretary (Pvt.) Ltd., Suit no. 1020, 10th Floor, Uni Plaza, I. I. Chundrigar Road, Karachi-74200, at the close of business on 19-10-2011 will be treated in time for the purpose of above entitlement to the transferees.

Profit and Loss Account for the Year Ended June 30, 2011

 

2011

2010

 Note

Rupees

Rupees

Property and equity2,014,249,653 2,011,228,819
Long term deposits21,673,34522,807,345
————–————-
 2,035,922,9982,034,036,164
Current assets
Advances 7638,094563,415
Short term prepayment - 165,000
Tax refund due from government 8442,998369,130
Other receivable 966,54778,975
Cash and bank balances10129,421175,376
————–————-
1,277,0601,351,896
 ————– ————-
Total assets2,037,200,0582,035,388,060
————–————-
Equity and Liabilities
Share capital and reserves
Authorized share capital
70,000,000 ordinary shares of Rs. 10 each700,000,000700,000,000
————– ————-
Issued, subscribed and paid up capital11674,645,000674,645,000
Reserves (74,182,488) (63,674,856)
————– ————-
Shareholders’ Equity600,462,512 610,970,144
Non-current liabilities
Provision for Gratuity 4,550,902 -
Long term loans 12 5,555,553 166,972,721
 ————–————-
10,106,455166,972,721
Current liabilities
Current and overdue portion of long term loans12 925,752,684 764,335,516
Short term borrowings 13 255,973,012249,061,508
Trade and other payables1441,055,37540,198,151
Markup accrued15203,850,020 202,850,020
 ————– ————-
1,426,631,0911,257,445,195
Contingencies and Commitments 16
 ————–————-
Total equity and liabilities2,037,200,0582,035,388,060
Administrative expenses 17(10,654,102) (10,954,800)
Other operating income 18146,470 168,034
 ————– ————-
Loss before taxation (10,507,632)(10,786,766)
Taxation19--
————–————-
Loss after taxation (10,507,632)(10,786,766)
 ————–————-
Loss per share20(0.16) (0.16)

 

The annexed notes form an integral part of these financial statements

For more information, contact:
Dost Steels Limited
Plot No. 222, Sector 39,
Korangi Creek Industrial,
Area Karachi – 74900
Web: www.doststeels.com
E: ho@doststeels.com