Noon Pakistan Limited’s financial results for the year ended 30 June, 2011
Karachi: We have to inform you that the Board of Directors of the Company in their meeting held at Lahore on 29 September, 2011 recommended the following:
| (1) | Cash Dividend (Ordinary Shaves) | Nil |
| (2) | Cash Dividend (Non-Voting Ordinary Shares) | Nil |
| (3) | Bonus Issue | |
| Ordinary Shares and Non-Voting Ordinary Shares: 10 shares for every 100 shares held i.e. 10%. | ||
| (4) | Right Shares | Nil |
| (5) | Any Other Entitlement/ Corporate Action | Nil |
| (6) | Any Other Price Sensitive Information | Nil |
The financial results of the Company are attached.
The Annual Genera Meeting (AGM) of the Company will be held on Saturday, 29 October, 2011 at 11:30 am, at Lahore.
The share Transfer Books of the Company will be closed from 23 October, 2011 to 29 October, 2011 (both days inclusive) for the purpose of entitlement of bonus shares and holding the AGM.
Profit and Loss Account for the Year Ended 30 June, 2011
2011 | 2010 | ||
| Note | Rupees | Rupees | |
| Sales | 31 | 2,957,377,149 | 2,436,416,122 |
| Cost of Sales | 32 | 2,590,444,267 | 2,170,498,348 |
| ————- | ————- | ||
| Gross Profit | 366,932,882 | 265,917,774 | |
| Distribution Cost | 33 | 192,671,837 | 133,944,228 |
| Administrative Expenses | 34 | 67,008,446 | 55,609,577 |
| Other Operating Expenses | 35 | 13,636,902 | 8,457,166 |
| Other Operating Income | 36 | (33,575,966) | (21,545,392) |
| ————- | ————- | ||
| 239,741,219 | 176,465,579 | ||
| ————- | ————- | ||
| Profit from Operations | 127,191,663 | 89,452,195 | |
| Finance Cost | 37 | 59,706,424 | 39,884,219 |
| ————- | ————- | ||
| Profit before taxation | 67,485,239 | 49,567,976 | |
| Taxation | |||
| - Current | 19 | 31,065,740 | 12,256,253 |
| - Prior years | 19 | (120,350) | (1,427,742) |
| - Deferred | 14 | (5,011,516) | 11,453,805 |
| ————- | ————- | ||
| 25,933,874 | 22,282,316 | ||
| ————- | ————- | ||
| Profit after Taxation | 41,551,365 | 27,285,660 | |
| ————- | ————- | ||
| Earnings per Share | 38 | 3.28 | 2.15 |
- The annexed notes form an integral part of these financial statements.
- Appropriations have been reflected in the statement of changes in equity.
Certificate for Free Reserves
As desired, we certify that the “Free Reserves” as defined in the Companies (Issue of Capital) Rules, 1996 as per audited balance sheet as at 30 June, 2011 of Noor Pakistan Ltd. (the Company) amounted Rs. 126,821,250 as worked-out below:
Rupees | |
| Unappropriated profit | 139,543,250 |
| Unprovided proposed issue of ordinary bonus | |
| Shares @ 10% | 4,752,000 |
| Unprovided proposed issue of non-voting ordinary | |
| Bonus Shares @ 10% | 7,920,000 |
| ———– | |
| 12,672,000 | |
| ———– | |
| Free Reserves as at 30 June, 2011 | 126,871,250 |
| ———– | |
| ‘Free Reserves’ after the proposed issue of Bonus Shares as indicate below will not be less than 25% of the increased Capital after deduction of all Contingent Liabilities disclosed in the audited balance sheet as at 30 June, 2011. | |
| Free reserves | 126,871,250 |
| Less: Tax demand under section 122(1)/ 122 (5) | |
| Of the income Tax Ordinance, 2001 | 34,984,515 |
| Tax demand under section 161 / 205 | |
| Of the income Tax Ordinance, 2001 | 917,553 |
| ———– | |
| 35,902,068 | |
| ———– | |
| 90,969,182 | |
| ———– | |
| 25% of the increased Capital | 34,848,000 |
We further certify that according to the best of our information and explanations given to us and as shown by the above mentioned Balance Sheet of the Company. The aforesaid Reserves do not include any increase on account of revaluation of assets and any intangible asset.
For more information, contact:
Hameed Chaudhri Co.,
Chartered Accountants
Noon Pakistan Limited
88- Garden Block,
New Garden Town, Lahore,
Tel: 042-35831462-63
Fax: 042-35831462
Website: www.noonpak.com
Email: shares@noonpak.com
