First Imrooz Modaraba’s financial results for the year ended 30 June 2011

Karachi: We have to inform you that the Board of Directors of our Modaraba Management Company in their meeting held on 21 September 2011 at 10:30 a.m., at Room No. 405,4th Floor, Beaumont Plaza, Civil Lines Quarters, Beaumont Road, Karachi recommended the following:

Cash Dividend

A final profit distribution for the year ended 30 June 2011 at Rs. 7.35 per Certificate i.e. 73.5%.

Financial Results

Financial results of the Modaraba are as follows:

 

Rs. in ’000’

2011

2010

Sales  681,364 628,533
Cost of sales 588,809550,466
 ——- ——-
Gross profit 92,55578,067
Operating expenses 29,425 25,521
 ——-——-
Operating profit63,13052,546
Modaraba charges (5,321) (1,838)
Workers’ welfare fund - (1,072)
Other income 1,8052,429
(Diminution) / Appreciation on re-measurement of investments (62) 479
——-——-
59,55252,544
Modaraba company’s management fee5,3604,204
  ——-——-
Profit before taxation54,192 48,340
Taxation26,619 19,771
 ——- ——-
Profit for the year  27,573 28,569
Appropriation:
- Transfer to Statutory Reserve 5,515 5,714
——-——-
Profit after appropriation22,05822,855
 ——- ——-
Earnings per certificate – basic and diluted  Rs.9.19 9.52

 

The Annual Review Meeting of the Modaraba will be held on 20 October 2011 at 11:30 a.m. at 33C, Behind Mall Mansion, Shahrah-e-Quaid-e-Azam, The Mall, Lahore.

The Certificate Transfer Books of the Modaraba will be closed from 13 October 2011 to 20 October 2011 (both days inclusive). Transfers received, at the office of our share Registrar M/s. Progressive Management Services (Pvt.) Ltd, 10th Floor, Mehdi Tower A-115, S.M.C.H.S. Shahrae-e-Faisal, Karachi at the close of business hours on 12 October 2011 will be treated in time for the purpose of above entitlement to the transferees.

The final profit will be paid to the certificate-holders whose names will appear in the Register of Members on 12 October 2011.

 

For more information, contact:
First Imrooz Modaraba
Room No. 405, 4th Floor,
Beaumont Plaza,
Beaumont Road. Civil Lines Quarters,
Karachi – 75530, Pakistan
Tel: (+92-21) 111 IMROOZ, 3522 2743
Fax: (+92-21) 3522 2668
E-mail: inquiries@imrooz.com