Shadman Cotton Mills Limited’s financial results for the 3rd quarter ended 31st March, 2013

Karachi, June 10, 2013 (PPI-OT): We have to inform you that the Board of Directors of our Company in their Meeting held on 7th June, 2013 at 5:00 p.m. at 801-804, 8th Floor, Lakson Square Building No. 3, Block-A, Sarwar Shaheed Road, Karachi, recommended the following:

i) Cash Dividend

An Interim Cash Dividend for the 3rd Quarter ended 31st March, 2013 @ Nil per share i.e. Nil%. This in addition to Interim Dividend already paid at Nil per share i.e. Nil %.
And/ Or

ii) Bonus Share

It has been recommended by the Board of Directors to issue Interim Bonus Shares in the proportion of Nil Shares for every Nil Shares held i.e. Nil%. This is in addition to the Interim Bonus Shares issued Nil%.
And/ Or

iii) Right Shares

The Board has recommended to issue Nil% Right Share at Par/ at a discount/ premium of Rs. Nil per share in proportion of Nil share for every Nil share. 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 Entitlement/Corporate Action Nil
And/ Or

v) Any Other Price-Sensitive Information Nil

The financial results (un-audited) of the Company are as follows:


                                               For the Nine Months Ended                 For the Quarter Ended
                                            31-Mar-13            31-Mar-12             31-Mar-13         31-Mar-12
                                             Rupees               Rupees                Rupees            Rupees

Sales and Service                        4,226,238,778         3,061,052,869        1,574,555,580      1,246,191,107
Cost of Sales and services              (4,012,881,092)       (3,064,252,367)      (1,504,259,984)    (1,178,769,740)
                                         -------------         -------------        -------------      -------------
Gross Profit/(Loss)                        213,357,686           (23,199,498)          70,295,596         67,421,367
Other operating income                      36,411,758             3,440,579            3,097,420          1,296,587
Distribution cost                          (42,562,546)          (23,790,865)         (11,344,311)        (9,491,735)
Administrative expenses                    (58,727,007)          (49,619,865)         (22,006,223)       (18,694,236)
Other operating expenses                    (6,679,615)                  -             (1,755,483)               -
Financial cost                             (92,557,088)         (138,163,066)         (27,831,429)       (41,635,598)
                                         -------------         -------------        -------------      -------------
                                          (164,114,498)         (208,133,217)         (59,840,026)       (68,524,982)
                                         -------------         -------------        -------------      -------------
Profit/ (Loss) before taxation              49,243,189          (231,332,715)          10,455,570         (1,103,615)
Taxation:
Current year                               (31,685,161)          (30,901,323)         (10,474,284)       (12,840,391)
Prior year                                   1,647,802               784,294                  -                  -
Deferred tax                                       -              29,433,733                  -            9,888,564
                                         -------------         -------------        -------------      -------------
                                           (30,037,359)              (68,297)         (10,474,284)        (2,951,828)
                                         -------------         -------------        -------------      -------------
Profit/ (Loss) for the period               19,205,830          (232,016,012)             (18,714)        (4,055,443)
                                         -------------         -------------        -------------      -------------
Earning per share                                 1.09                (13.16)             (00.001)             (0.23)
                                         -------------         -------------        -------------      -------------

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on Nil.

The Share Transfer Book of the Company will be closed from Nil to Nil (both days inclusive). Transfer received at M/S Technology Trade (Pvt.) Ltd, 241-C, Block -2, P.E.C-H.S, Karachi, at the close of business on Nil will be treated in time for the purpose of payment of Dividend or and Bonus Shares or Right Shares or any other entitlement to the transferees.

Holding of Extraordinary General Meeting.

The Board discussed the holding of Extraordinary General Meeting of the Company for obtaining approval of shareholders U/s. 196(3) of the Companies Ordinance, 1984, for sale of Sindh Segment including Kotri Unit to Nadeem Textile Mills Limited.

Board decided to hold Extraordinary General Meeting of shareholders on June 29, 2013 at 9:00 a.m. at Hotel Crown Inn, Plot No. 171, Off 21 AM, Frere Road, Karachi, for passing of ordinary resolutions U/s. 196(3) of the Companies Ordinance, 1984, for sale of Sindh Segment including Kotri Unit to Nadeem Textile Mills Limited.

We attach herewith Notice of Extraordinary General Meeting along with statement U/s.160 (1)(b) of the Companies Ordinance, 1984.

We will be sending you 300 copies of printed accounts for distribution amongst the member of the Exchange.

For more information, contact:
Company Secretary
Shadman Cotton Mills Limited
801-804, 8th Floor,
Lakson Square Building No. 3,
Block – A, Sarwar Shaheed Road, Karachi.
Ph: (92-21) 35220481-88,
Fax: (92-21) 35220495-96
E-mail: info@nadeem.com.pk

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