Ittehad Chemicals Limited’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our Company in their meeting held today the September 14, 2011 at 1:00 p.m. at the Registered Office of the Company, 39-Empress Road, Lahore, recommended the following:

Cash dividend:

A final Cash Dividend for the year ended June 30, 2011 at Re. 0.50 per share i.e. 5%.

The financial results of the Company are as follows:-

 

Year Ended

June 30, 2011

June 30, 2010

(Rupees in Thousand)

Sales3,144,3193,081,288
Cost of sales(2,514,001)(2,469,963)
 ——————
Gross profit630,318611,325
Selling and distribution expenses(208,303)(179,504)
General and administrative expenses(108,280)(106,351)
Other operating expenses(9,306) (12,899)
Other operating income26,56820,141
——————
 (299,321) (278,613)
 ——— ———
Operating profit 330,997332,712
Financial charges(215,287)(204,179)
Fair value gain on investment property5,5503,550
 ——————
Profit before taxation121,260132,083
Taxation(2,497)8,723
  ——— ———
Profit after taxation118,763140,806
——————
Earnings per share – basic and diluted (Rupees)3.303.91

 

 

Consolidated Financial Results

 

Year Ended

June 30, 2011

June 30, 2010

(Rupees in Thousand)

Sales 3,309,9683,257,935
Cost of sales(2,621,991)(2,552,172)
——— ———
Gross profit 687,977705,763
Selling and distribution expenses (247,455) (229,838)
General and administrative expenses (113,165)(109,501)
Other operating expenses (9,431) (14,233)
Other operating income16,61411,545
 ——— ———
(353,437) (342,027)
  ——— ———
Operating profit334,540363,736
Financial charges (228,381) (216,332)
Fair value gain on investment property3,3003,300
 ——————
Profit before taxation109,459 150,704
Taxation (4,657) 6,753
 ———  ———
Profit after taxation104,802 157,457
——————
Attributable to:
Profits attributable to equity holders of
holding company101,723 151,978
Non controlling interest – Share of profit3,0795,479
 ——————
104,802157,457
 ——————
Earnings per share attributable to equity
holders of holding company- basic and diluted (Rupees)2.834.22

 

 

The Board of Directors of the Company has recommended to merge Chemi Chloride Industries Limited (CCIL), the wholly owned subsidiary Company into Ittehad Chemicals Limited (ICL), the holding Company, subject to the approval of shareholders.

The Annual General Meeting of the Company, after your approval, will be held on Monday, 31st October, 2011 at 11:30 A.M. at the registered office of the Company, 39- Empress Road, Lahore.

The shares transfer books of the Company will remain closed from 24th October, 2011 to 31 October, 2011 (both days inclusive). Transfers received at the Share Registrar Office, M/S CORPLINK (PVT.) LIMITED, Wings Arcade, 1-K, Commercial, Model Town, Lahore, Telephone Numbers 042-35839182, 35887262, Fax No. 042-35869037 at the close of business on 23rd October, 2011 will be treated in time for the purpose of entitlement of Cash Dividend to the transferees and for the purpose of attending and casting vote in the Annual General Meeting of the Company.

 

For more information, contact:
Waheed Ashraf
Company Secretary
Ittehad Chemicals Limited
39-Empress Road,
P.O. Box 1414,
Lahore-54000, Pakistan
PABX: (042) 36306586- 88
Fax: (042) 36365697
E-mail: info@ittehadchemicals.com