Security Papers Limited’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of the Company in their meeting held on Wednesday, July 27, 2011 at 12:00 Noon at Karachi, have approved the Financial Statements for the year ended June 30, 2011. The financial results of the Company are enclosed herewith.

Copy forwarded to the Additional Registrar, Securities and Exchange Commission of Pakistan. National Insurance Corporation Building. Jinnah Avenue, Islamabad.

The Board of Directors of the Company in its meeting held on Wednesday the July 27, 2011 at 12:00 Noon at Karachi recommended the following dividend and appropriation:-

Cash Dividend

A Final Cash Dividend for the year ended June 30, 2011 at Rs.5per share i.e.50 %. (2010: Rs 5.00 per share i.e. 50%).

Appropriation

A transfer of Rs\09 million (2010: Rs 142.30 million) from un-appropriated profit to revenue reserves.

The financial statements for the year ended June 30, 2011 do not include the effect of these appropriations, which will be accounted for subsequent to the year-ends.

Security Papers Limited Profit and Loss Account for the year ended 30 June 2011

2011

2010

(Rupees in ‘000’)

Sales – net1,303,0191,152,511
Cost of sales(959,019)(694,332)
——————
Gross profit344,000458,179
Administration and general expenses(128,812)(104,713)
——————
215,188353,466
Other operating income257,621213,518
——————
472,809566,984
Other operating charges(42,174)(43,214)
Impairment loss on ‘available for sale’ investment(2,736)(1,638)
——————
Operating profit427,899522,132
Finance costs(6,371)(1,875)
——————
Profit before taxation421,528520,257
Taxation – net(106,452)(172,166)
——————
Profit after taxation315,076348,091
——————
(Rupees)
Earnings per share7.668.46

The Annual General Meeting of the Company will be held on Thursday, the August 25, 2011 at 10:00 AM at The Institute of Chartered Accountants of Pakistan, Chartered Accountants Avenue, Clifton, Karachi -75600.

The above entitlements will be paid to the shareholders whose names will appear in the Register of the Members on August 16, 2011.

The Share Transfer Books of the Company will be closed from August 17 to 25, 2011 (both days inclusive). Transfers received in order at the office of our Shares Registrar, M/s. FAMCO Associates (Pvt.) Limited, 1st Floor, State Life Building No.1-A, I. I. Chundrigar Road, Karachi-74000 by the close of business on August 16, 2011 will be considered in time to determine the above mentioned entitlement(s) and to attend and vote at the Meeting.

For more information, contact:
Mrs. Naiyer Muzafar Husain
Chief Executive
Security Papers Limited
Jinnah Avenue, Malir Halt,
Karachi- 75100,
Tel: +9221 9248285
Fax: +9221 9248286