Sindh Abadgar’s Sugar Mills Limited’s financial results for the third quarter ended June 30th, 2012

Karachi, July 25, 2012 (PPI-OT): We have to inform you that the Board of Directors of our company in their meeting held on Tuesday 24th July, 2012 at 4:00 p.m. at its registered office 209, 2nd Floor, Progressive Plaza, Beaumont Road, Karachi recommended the following:

(I) Cash Dividend

An Interim Cash Dividend for the third quarter year ended 30th June, 2012, 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 %.

And/ Or

(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 Price-Sensitive Information

The financial results of the Company are as follows:

For the Nine Months

For the Quarter

June 30

June 30

June 30

June 30

2012

2011

2012

2011

Rupees

Sales – Net

794,522,774

538,513,833

403,408,886

95,440,753

Cost of sales

(783,023,349)

(445,775,213)

(394,455,323)

(88,153,170)

———–

———–

———–

———-

Gross profit/ (loss)

11,499,425

92,738,820

8,953,662

7,287,583

Operating expenses
Administrative expenses

(49,780,033)

(48,393,978)

(15,586,960)

(14,682,822)

Distribution cost

(3,084,312)

(1,952,884)

(827,969)

(262,571)

———–

———–

———–

———-

(52,864,345)

(50,345,862)

(16,414,929)

(14,945,393)

———–

———–

———–

———-

Operating (loss)/ profit

(41,364,920)

42,391,758

(7,461,367)

(7,857,810)

Financial charges

(43,498,890)

(35,595,334)

(16,896,564)

(24,411,066)

Other income / (charges)

13,119,810

12,804,623

6,097,408

7,829,977

———–

———–

———–

———-

(30,379,080)

(22,790,711)

(10,799,158)

(16,581,089)

———–

———–

———–

———-

(Loss) / Profit before taxation

(71,744,000)

19,601,047

(18,260,523)

(24,238,899)

Provision for taxation

(9,571,925)

(20,500,000)

(5,032,757)

(20,500,000)

———–

———–

———–

———-

(Loss) /profit before taxation

(81,316,925)

(898,953)

(23,293,280)

(44,738,899)

———–

———–

———–

———-

(Loss)/ earning per share – basic and diluted

(7.80)

(0.09)

(2.23)

(4.29)

For more information, Contact:
Deoo Mal Essarani
Chairman/ Chief Executive
Sindh Abadgar’s Sugar Mills Limited
209, 2nd floor, progressive Plaza,
Beaumont Road, Karachi
Tel: 35638212-13
Fax: (92-21) 35638219
E-mail: sasm@unitedgoup.org.pk