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

Karachi: We have to inform you that the Board of Directors of Royal Management Services (Pvt.) Limited Managers of First Pak Modaraba (PAKMI) in their meeting held on 21-09-2011 at 5:00 pm. At Karachi recommended the following:

(i) Cash Dividend

A final Cash Dividend for the year ended June 30-2011. at Rs.0.40 per share/certificate 4% (four Percent).

Financial Results of the Modaraba are as follows:

 

2011

2010

Rupees

Rupees

Income
Return on term deposit receipts and PLS accounts4,737,2272,441,918
Gain on sale of investments2,210,735 4,587,975
Ijarah rentals766,8401,004,040
Dividend income1,080,9691,136,599
Other income35,396157,685
 ———- ———-
 8,831,1679,328,247
Unrealized loss remeasurement of held for trading investments (189,012)(3,076,073)
Reversal against doubtful receivables-net11,116,3775,556,448
———-———-
19,758,53211,808,622
Expenditure
Amortization on ijarah assets (520,823) (702,011)
Administrative expenses(3,986,535)(3,801,202)
Workers welfare fund(269,580)(143,243)
———- ———-
(4,776,938) (4,646,456)
———-———-
Profit for the year14,981,5947,162,166
Modaraba company’s management fee(1,498,159)(766,295)
 ———-———-
Profit before taxation13,483,4356,395,871
Provision for taxation(50,942) 500,784
 ———- ———-
Profit after taxation13,432,493 6,896,655
 ———- ———-
Other Comprehensive income
Surplus on revaluation of available for sale investment- -
 ———- ———-
Total comprehensive income for the year13,432,4936,896,655
  ———-  ———-
Earnings per certificate1.07 0.55

 

The Annual Review Meeting of the Company will be held on 29-Oct-2011 at 1:00 a.m. at Office No.54, Ground Floor, Beverley Centre, 56-G, Blue Area, Islamabad.

The Share Transfer Books of’ the Company will be closed from 22-10-2011 to 29-10-2011, (both clays inclusive). Transfer received at the M/s Shares & Company Services (Pvt.) Limited, Mehersons Estate, 1st Floor, Block-E, Talpur Road, Karachi – 74000 at the close of business on 21-Oct-2011 will be treated in time for the purpose of above entitlement to the transferees.

For more information, contact:
First Pak Modaraba
Mehersons Estate, 1st Floor, Block-I,
Talpur Road, Karachi -74000
Tel: 021-32429632-4,
Fax: 021-32420015,
E-mail: firstpakmodaraba@hotmail.com