Sindh Abadgar’s Sugar Mills Limited’s Financial Results for the Half Year Ended 31st March 2011

Karachi: We are enclosing herewith a letter under sealed envelope covering Financial Results for half year ended 31st March, 2011 as approved by the board of Directors at its meeting held on 20th May, 2011 at 4:00 pm.

We have to inform you that the Board of Directors of our Company in their meeting held on Friday, the 20th May 2011 at 4:00 p.m. at its registered office 209, 2nd Floor. Progressive Plaza Beaumonl Road Karachi, recommended, the following:

(i) Cash Dividend

An Interim Cash Dividend for the period ended 31st March, 2011 at Rs.-Nil- per share i.e. -Nil-%. This is in addition to interim Dividend(s) already paid at Rs.-Nil- per share i.e. -Nil-%.

(ii) Bonus Shares

It has been recommended by the Board of Directors to issue Interim Bonus Shares in proportion of -Nil- share(s) for every –Nil- share(s) held i.e. -Nil-% This is in addition to the Interim Bonus Shares already issued @ -Nil-%.

AND/OR

 

(iii) Right Shares

The Board has recommended to issue -Nil-% Right Shares at par/at a discount premium of Rs. -Nil- per share in proportion of -Nil- share(s) for every -Nil, share(s). 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

AND/OR

(v) Any Other pries-Sensitive Information

The financial results of the Company are as follows:

 For The Half Year EndedFor The Quarter Ended
 March 31, 2011March 31, 2010March 31, 2011March 31, 2010
 Rupees
Sales – net443,073,08081,632,688376,116,38257,740,427
Cost of goods sold(357,622,043)(79,782,789)(283,139,814)(58,176,594)
 ———–———–———–———–
Gross Profit (Loss)85,451,0371,849,89992,976,568(436,167)
 ———–———–———–———–
Operating Expenses    
Administrative expenses(33,711,156)(30,269,568)(21,121,341)(17,790,693)
Selling and distribution cost(1,690,313)(1,226,360)(1,237,192)(952,404)
 ———–———–———–———–
 (35,401,469)(31,495,928)(22,358,533)(18,743,097)
 ———–———–———–———–
Operating Profit/ (Loss)50,049,568(29,646,029)70,618,035(19,179,264)
Finance cost(11,184,268)(19,973,878)(7,182,451)(14,643,960)
Other income4,974,6461,452,9143,353,866771,823
 ———–———–———–———–
 (6,209,622)(18,520,964)(3,828,585)(13,872,137)
Profit / (Loss) before taxation43,839,946(48,166,993)66,789,450(33,051,401)
Taxation – current(22,625,742)(895,663)(22,625,742)-
 ———–———–———–———–
Profit / (Loss) after Taxation21,214,204(49,062,656)44,163,708(33,051,401)
 ———–———–———–———–
Profit/(Loss) per share – basic and diluted2.03(4.71)4.24(3.17)
 ———–———–———–———–

For more information, contact:

Deoo Mal Essarani

Chairman/Chief Executive

Sindh Abadgar’s Sugar Mills Limited

209, 2nd floor, Progressive Plaza,

Beaumonl Road, Karachi-Pakistan.

Tel: +9221 35638212-13

Fax: +9221 35638219

E-mail sasm@unitedgroup.org.pk