Haseeb Waqas Sugar Mills Limited’s financial results for the 3rd quarter ended June 30, 2012

Karachi, July 31, 2012 (PPI-OT): This is to inform you that the Board of Directors’ Meeting of the Company held at 10:00 am on Tuesday, July 31, 2012, has considered and approved the financial results of the Company for the third quarter along with consolidated financial results for the nine months period ended June 30, 2012.

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 (Un-Audited)

For The 3rd Quarter and Nine Months Ended June 30, 2012

Nine months ended

Quarter ended

June 30,2012

June 30,2011

June 30,2012

June 30,2011

Note

Rupees

Rupees

Sales – Net13

1,713,393,653

2,587,825,684

504,781,871

59,750,588

Cost of goods sold14

(1,529,788,688)

(2,538,349,776)

(454,778,595)

(84,598,079)

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————-

————-

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Gross profit/(loss)

183,604,965

49,475,908

50,003,276

(24,847,491)

Operating expenses:
-Administrative and general

23,969,118

22,055,873

7,645,257

6,625,428

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————-

————-

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159,635,847

27,420,035

42,358,019

(31,472,919)

Other operating income

16,713,620

38,320,804

12,463,598

36,696,275

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————-

————-

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Profit from operation

176,349,467

65,740,839

54,821,617

5,223,356

Finance cost

175,002,799

120,054,537

67,867,863

45,406,707

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————-

————-

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Profit/ (loss) before taxation

1,346,669

(54,313,698)

(13,046,245)

(40,183,351)

Taxation:
Current

(17,133,937)

(25,878,257)

(5,047,819)

(597,506)

Deferred

8,564,641

(11,516,094)

(4,442,868)

(34,209,754)

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————-

————-

————-

(8,509,296)

(37,394,351)

(9,490,687)

(34,807,260)

(Loss) after taxation

(7,222,627)

(91,708,049)

(22.536,932)

(74,990.611)

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————-

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Earning/(loss) per share – basic

(0.22)

(2.83)

(0.70)

(2.31)

For more information, Contact:
Ansar Ahmed
Company Secretary
Haseeb Waqas Sugar Mills Limited
6-F, Model Town, Lahore Pakistan.
Phones: 042- 35917321 -23
Fax: 92-42- 35917317
E-mail: hwgc@hwgc.com.pk