Shakarganj Mills Limited’s financial results for the 3rd quarter and nine months period ended 30 June 2013

Karachi, July 25, 2013 (PPI-OT): We are pleased to inform you that the Board of Directors of Shakarganj Mills Limited (SGML) in their meeting held on 25 July 2013 at Faisalabad have considered and approved the financial results of Shakarganj Mills Limited for the 3rd Quarter and Nine Months period ended 30 June 2013 and the Board of Directors recommended the following:

(i) Cash Dividend
Nil
(i) Bonus Shares
Nil
(iii) Right Shares
Nil
(iv) Any Other Entitlement/ Corporate Action
Nil
(v) Any Other Price-Sensitive Information
Nil

The financial results of the Company are attached herewith.

Condensed Interim Profit and Loss Account (Un-audited) for the Nine Months Period Ended 30 June 2013

                                                              Quarter ended                        Nine months ended
                                                       30 June            30 June             30 June            30 June
                                                        2013               2012                2013               2012
                                        Note                                  (Rupees in thousands)
                                                             (Represented)                           (Represented)

Sales                                   12.1         4,714,261           3,658,845           11,274,112        10,972,552
Cost of sales                           12.2        (4,458,826)         (3,511,224)         (10,145,734)       (9,596,373)
                                                     ---------           ---------           ----------        ----------
Gross profit                                           255,435             147,621            1,128,378         1,376,179
Administrative expenses                                (70,030)            (78,002)            (218,968)         (238,839)
Distribution and selling costs                         (97,442)            (64,638)            (275,389)         (231,073)
Other operating expenses                               (15,521)            (17,036)             (61,500)          (74,414)
Other operating income                                  42,772              21,224              149,758            84,342
                                                     ---------           ---------           ----------        ----------
Profit from operations                                 115,214               8,269              722,289           916,193
Finance cost                                          (111,986)           (214,495)            (345,108)         (616,486)
Share of income from associates                         31,966              72,830              155,707           122,793
                                                     ---------           ---------           ----------        ----------
Profit before taxation                                  35,194            (133,396)             532,788           422,502
Taxation
- Company                                              (34,300)            (36,598)             (82,519)         (109,415)
- Associates                                            (5,135)             (4,192)             (21,889)          (16,356)
                                                     ---------           ---------           ----------        ----------
                                                       (39,435)            (40,790)            (104,402)         (125,771)
                                                     ---------           ---------           ----------        ----------
Profit after taxation                                   (4,241)           (174,186)             428,386           296,731
                                                     ---------           ---------           ----------        ----------
Earnings per share
Basic earnings per share                  13             (0.06)              (2.51)                6.16              4.27
Diluted earnings per share                13             (0.06)              (2.51)                5.69              4.23

The annexed notes 1 to 17 form an integral part of this condensed interim financial information.

For more information, contact:
Chief Executive
Shakarganj Mills Limited
12th floor, Sidco Avenue Center,
264-R.A. Lines,
Karachi, Pakistan
Tel: (021) 3568 8149
Fax: (021) 3568 0476
URL: http://www.shakarganj.com.pk

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