KASB Modaraba’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 hold on August 29, 2011 at 08:00 p.m. at Plot No. 24-C, Shahbaz Commercial Lane-2, Phase VI, DHA, Karachi, recommended the following:

(1) Cash Dividend

A Cash Dividend for the year ended June 30, 2011 at Rs. 0.64 per share i.e. 6.4%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share i.e. Nil%.

(2) Bonus Shares

It has been recommended by the Board of Directors to issue Interim Bonus shares in proportion of Nil share(s) for every Nil share(s) held i.e. Nil%. This is in addition to the Interim Bonus Shares already issued @ Nil%.

And/ Or

(3) Right Shares

The Board has recommended to issue Nil% Right Shares at par/at a discount/premium of Rs. Nil per share in proportion of Nil share(s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be/will not be applicable on Bonus Shares as declared above.

Profit And Loss Account for the Year Ended 30 June 2011

 

Note2011 2010

(Rupees)

Income from leasing operations2811,344,091 15,869,614
Income from service ijarah -5,000,000
Profit on:
- musharaka finance8,375,25011,142,665
- murabaha finance 73,575,01732,231,553
- modaraba finance13,195,5931,908,404
- diminishing musharaka finance38,862,73510,175,831
- sukuk bonds 2,889,7802,628,790
- bank deposits 11,893,342 8,765,437
Gain on sale of investments – net29869,978 796,228
Loss on dairy farming business activities - (933,413)
Reversals of Musharaka and Ijarah losses75,000 60,000
 ———–———-
 161,080,78687,845,109
Financial charges30(89,143,307)(45,839,712)
 ———–———-
71,937,479 41,805,397
Other income316,762,5932,085,275
Administrative and operating expenses32 (34,101,681)  (24,895,461)
 ———–———-
44,598,39118,995,211
Modaraba management company’s fee33(4,459,839) (1,899,521)
 ———–———-
Profit before taxation40,138,55217,095,690
Taxation17 --
———– ———-
Net profit for the year40,138,55217,095,690
———–———-
Earnings per certificate 34 1.42 0.60

 

And/ Or

(4) Any Other Price-Sensitive Information

The financial results of the company are as follows:

(See enclosed profit and loss account.)

 

For more information, contact:
Faiqa Naz
Company Secretary
KASB Modaraba
DHA Branch: 80-C,
24th Commercial Street,
Off Khayaban-e-Ittehad,
Phase II, Ext, D.H.A, Karachi.
PABX: 021-35313939-43,
Fax: 021-35313933