KASB Modaraba’s financial results for the year ended June 30, 2012

Karachi, August 28, 2012 (PPI-OT): We have to inform you that the Board of Directors of our company in their meeting held on August 27, 2012 at 06:30 p.m. at 80-C, 24th Commercial Street, Off Khayaban-e-Ittehad, Phase II, Ext., DHA, Karachi, recommended the following:

(i) Cash Dividend

A Cash Dividend for the year ended June 30, 2012 at Rs. 0.65 per share i.e. 6.5%. This is in addition to Interim Dividend (s) already paid at Rs. Nil per share i.e. Nil%.

And/ Or

(ii) 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

(iii) 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.

And/ Or

(iv) Any Other Price-Sensitive Information

The financial results of the Company are as follows:

Profit and Loss Account for the Year Ended 30 June 2012

Note

2012

2011

(Rupees)

Income from leasing operations28

9,570,588

11,344,091

Profit on:
- musharaka finance

11,225,165

8,375,250

- murabaha finance

96,843,814

73,575,017

- modaraba finance

11,150,745

13,195,593

- diminishing musharaka finance

56,340,551

38,862,735

- sukuk bonds

2,411,350

2,889,780

- bank deposits

6,647,709

11,889,342

Gain on sale of investments – net29

1,483,511

869,978

Reversal of Musharaka and Ijarah losses

80,000

75,000

———–

———–

197,753,493

161,080,786

Financial charges30

(118,306,332)

(89,143,307)

———–

———–

79,447,161

71,937,479

Other income31

7,263,552

6,762,593

Administrative and operating expenses32

(41,513,480)

(34,101,681)

———–

———–

45,197,233

44,598,391

Modaraba management company’s fee33

(4,519,723)

(4,459,839)

———–

———–

Profit before taxation

40,677,610

40,138,552

Taxation17

-

-

———–

———–

Net profit for the year

40,677,510

40,138,552

———–

———–

Earnings per certificate34

1.44

1 .42

The annexed notes 1 to 42 form an integral part of these financial statements.

The Annual General Meeting of the Modaraba will be held on October 3, 2012 at 03.00 p.m. at Haji Abdullah Haroon Muslim Gymkhana, Auditorium Awan-e-Saddar Road, Karachi.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on September 26, 2012.

The Share Transfer Books of the Modaraba will be closed from September 27, 2012 to October 3, 2012 (both days inclusive). Transfers received at the C and K Management Associates (Private) Limited, 404, Trade Tower, Abdullah Haroon Road, Near Metropol Hotel, Karachi. (Phone: 35687835-35685930) at the close of business on September 26, 2012 will be treated in time for the purpose of above entitlement to the transfrees.

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