Sakrand Sugar Mills Limited’s financial results for the third quarter ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of the Company has approved the accounts for the third quarter ended June 30, 2011 on July 28, 2011 at 41-K, P.E.C.H.S., Karachi declaring no entitlement for the shareholders.

The financial results of the Company are as follows:

2010-2011

2009-2010

Quarter ended

Nine Months

Quarter ended

Nine Months

June 30, 2011

June 30, 2011

June 30, 2010

June 30, 2010

Rupees

Rupees

Rupees

Rupees

Sales-net257,307,8322,797,790,997569,098,9442,697,631,650
Cost of sales(271,428,563)(2,699,331,375)(574,165,945)(2,571,019,661)
———–————-———–————-
Gross profit/(loss)(14,120,731)98,459,622(5,067,001)126,611,989
Operating expenses
Administrative expenses(22,969,416)(70,582,484)(21,781,808)(65,399,444)
Distribution Cost(129,972)(2,456,116)(57,733)(1,843,597)
———–————-———–————-
(23,099,388)(73,128,600)(21,839,541)(67,243,041)
Operating profit/(loss)
Financial cost(24,547,469)(62,038,329)(25,326,374)(59,405,655)
Other charges(90,133)(161,704)(281,133)(485,473)
Workers’ Profit Participation Fund----
Income on long term investments-4,845,835--
Other (loss) / gain(36,340)(52,319)15,38430,664
———–————-———–————-
(24,673,932)(67,406,517)(23,584,243)(59,860,464)
———–————-———–————-
Loss before taxation(61,894,051)(32,075,495)(50,490,785)(491,516)
Taxation
Current(2,573,111)(27,978,140)(2,845,572)(13,488,312)
Prior-(40,363)--
Deferred-(1,954,423)-3,662,648
———–————-———–————-
(2,573,111)(29,972,926)(2,845,572)(9,825,664)
———–————-———–————-
Loss after taxation(64,467,162)(62,048,421)(53,336,357)(10,317,180)
———–————-———– ————-
Loss per share – Basic(2.89)(2.78)(2.39)(0.46)

For more information, contact:
Mustafa Kanani
Company Secretary
Sakrand Sugar Mills Limited
41-K, P.E.C.H.S., Karachi-75400,
Pakistan.
UAN: +9221 111-48-48-48
Tel: +9221 34531642
Fax: +9221 34548450