Haseeb Waqas Sugar Mills Limited’s Half-Yearly Financial Results-March 31, 2011

Karachi: This is to inform you that the Board of Directors’ Meeting of the Company held at 04:00 P.M on Tuesday. May 31 2011, has considered and approved the financial results of the Company for the half year ended on March 31, 2011.

Approved Financial results of the company for the period under review are being provided through “Annexure A” enclosed herewith.

During the period under review, the Board has not announced any of Cash Dividend, Bonus Shares, or Right Shares. Hence, related paras as prescribed in the Form 7’ of the Correspondence Manual of the Exchange, have not been mentioned.

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unauditied)

FOR THE HALF YEAR ENDED MARCH 31, 2011

NotesHalf year endedQuarter ended
31 March 201131 March 201031 March 201131 March 2010
RupeesRupees
Sales – Net152,528,075,0961,020,269,4801,976,911,623947,871,524
Cost of sales162,453,751,6971,014,012,8511,912,778,790958,449,324
————-————-————-————-
Gross Profit / (Loss)74,323,3996,256,62964,132,833(10,577,800)
Administrative and general expenses15,430,44516,626,9608,659,93211,017,960
————-————-————-————-
58,892,955(10,370,331)55472,902(21,595,760)
Other operating income1,624,529213,461437,83812,123
————-————-————-————-
Profit from operations60,517,483(10,156,870)55,910,739(21,583,637)
Finance cost74,647,83047,846,77545,464,37738,438,296
————-————-————-————-
(Loss)/Profit before taxation,(14,130,347)(58,003,645)10,446,362(60,021,933)
Taxation
Current-for the period(25,280,751)(5,364,564)(19,769,116)(5,750,660)
Deferred22,693,66028,961,09619,700,245490,655
————-————-————-————-
(2,587,091)23,596,532(68,871)(5,260,005)
————-————-————-————-
(Loss)/ Profit after taxation(16,717,438)(34,407,113)10,377,491(65,281,938)
————-————-————-————-
(Loss)/Earnings per share – Basic(0.52)(1.06)0.32(2.01)
————-————-————-————-

For more information, contact:
Ansar Ahmed
Company Secretary
Haseeb Waqas Sugar Mills Limited
6-F, Model Town,
Lahore Pakistan
Tel: +9242 35917321-23,
Fax: +9242 35917317