Saritow Spinning Mills Limited’s financial results for the year ended 30 June 2011

Karachi: We have to inform you that this Board of Directors of Saritow Spinning Mills Limited (SSML) in, their Meeting held on Saturday, October 31, 2011 at 4:00 P.M.at 17-.Aziz Avenue. Canal Bank, Gulberg-V, Lahore, the Registered office of the Company have approved the accounts for the year ended June 30, 2011 has passed over the dividend.

The Financial Results of the Company are as follows:

 

For the Year

For the Year

Ended June 30

Ended June 30

2011

2010

(Rupees)

Sales-Net982,272,196 716,580,537
Cost of Sales866,854,902587,251,045
———–———–
Gross Profit115,417,894129,329,492
Selling @ Distribution Expenses 1,449,861 1,106,924
Administration and General Expenses 23,696,04819,732,033
———– ———–
25,145,90920,838,957
Net Other Income334,428 313,027
  ———– ———–
Operating Profit  90,606,413 108,803,562
Finance Cost  41,385,298  39,640,454
Other Charges 3,432,176 4,814,294
———– ———–
Profit / (Loss) before Taxation  45,788,939 64,348,814
Taxation (24,052,463)(16,201,883)
  ———– ———–
Profit/ (Loss) after Taxation21,736,476 48,146,931
 ———–———–
Earning per share – basic and diluted1.643.63

 

Financial Results for the 1st Quarter Ended September 30, 2011.

 

The Board of Directors of Saritow Spinning Mills Limited in their meeting held at 04:00 P.M on Saturday October31, 2011 at 17-Aziz Avenue, Canal Bank, Gulberg-V, Lahore the Registered Office of the Company have approved the following Un-Audited Financia1 Results of the Company for the 1st Quarter ended September 30, 2011.

 

(Unaudited)

Quarter

Quarter

Sep 30, 2011

Sep 30, 2010

Rupees

Sales252,729,848198,683,859
Cost of Sales245,022,650165,456,696
———–———–
Gross Profit7,707,198 33,227,163
Other Operating Income75,000 75,000
Distribution and Selling Cost163,291 244,555
Administrative Expenses5,478,2494,891,161
Other Operating Expenses  --
Financial Cost7,758,2185,952,714
 ———– ———–
13,399,75811,088,430
———– ———–
Profit/ (Loss) before Taxation (5,617,560) 22,213,733
Provision for Taxation (2,527,298)(1,986,839)
 ———– ———–
Profit/ (Loss) after Taxation (8,144,858)20,226,894
 ———– ———–
Earning per Share(0.61)1.52

 

For more information, contact;
Saritow Spinning Mills Limited
17 – Aziz Avenue,
Canal Bank, Gulberg – V,
Lahore, Pakistan.
Ph: 042-35715029-31
Fax: 042-35715015
E-mail: azamsaritow@saigols.com

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