Standard Chartered Modaraba’s accounts for the year ended June 30, 2011

Karachi: We hereby inform you that the Board of Directors of the Company in their meeting held on September 28, 2011 at 03:00 p.m. have approved the accounts of SCM for the year ended June 30, 2011 and approved a final cash dividend for the year ended June 30, 2011 @ Rs. 1.725 per certificate i.e. 17.25% (seventeen and a quarter percent).

The financial results of SCM are attached as an annexure to this letter.

For the purpose of ascertaining entitlement of the aforementioned dividend, the certificate transfer books shall remain closed from Thursday, October 13, 2011 to Friday, October 21, 2011 (both days inclusive). Transfers received in order at the office of the Registrar of SCM viz. FAMCO Associates (Pvt.) Ltd., before the close of business hours on Wednesday, October 12, 2011 will be treated as in time for the purpose of entitlement to dividend to the transferees.

Famco Associates (Pvt.) Ltd. State Life Building No. 1A, 1st Floor, I.I. Chundrigar Road, Karachi, Pakistan

Profit and Loss Account for the Year Ended June 30, 2011

 

June 30,

2011

June 30,

2010

(Rupees)

(Rupees)

Ijarah finance income 73,731,484 171,630,927
Ijarah rentals earned 996,693,109 644,627,853
Profit on Sukuk certificates 186,282 2,362,129
Income on Murabaha transactions  - 4,840,932
Income on Diminishing Musharika transactions 35,274,407 8,707,410
Income on deposits with bank 15,998,361 18,132,121
————- ———–
1,121,883,643 850,201,372
Financial charges (224,185,552) (243,952,505)
Depreciation on assets under Ijarah arrangements (731,544,392)  (467,653,254)
Impairment against ijarah assets (3,131,253) -
 ————-  ———–
163,022,446 138,595,613
Reversal of provision in respect of ijarah finances – net 2,498,701 927,082
Provision in respect of Sukuk certificates  (27,578,125) (25,000,000)
————- ———–
 137,943,022  114,522,695
Other income 13,565,498 24,143,461
Administrative and operating expenses  (53,314,788) (46,743,660)
————-  ———–
98,193,732 92,922,496
Modaraba management company fee  (9,819,373) (9,292,250)
Provision for workers’ welfare fund (1,767,487) (3,750,586)
————- ———–
Profit before taxation  86,606,872 79,879,660
Taxation  -  -
————-  ———–
Profit after taxation 86,606,872  79,879,660
Other comprehensive income for the year -  -
————- ———–
Total comprehensive income for the year 86,606,872  79,879,660
 ————- ———–
Earnings per certificate  1.91 1.76

 

For more information, contact:
Standard Chartered Modaraba
4th Floor, Standard Chartered Bank
P.O. Box No: 5556, I.I. Chundrigar Road
Karachi 74000 Pakistan.
Tel; (021) 3245 0000
Fax: (021) 8140 803

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