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 income73,731,484171,630,927
Ijarah rentals earned996,693,109644,627,853
Profit on Sukuk certificates186,2822,362,129
Income on Murabaha transactions -4,840,932
Income on Diminishing Musharika transactions35,274,4078,707,410
Income on deposits with bank15,998,36118,132,121
————-———–
1,121,883,643850,201,372
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)-
 ————- ———–
163,022,446138,595,613
Reversal of provision in respect of ijarah finances – net2,498,701927,082
Provision in respect of Sukuk certificates (27,578,125)(25,000,000)
————-———–
 137,943,022 114,522,695
Other income13,565,49824,143,461
Administrative and operating expenses (53,314,788)(46,743,660)
————- ———–
98,193,73292,922,496
Modaraba management company fee (9,819,373)(9,292,250)
Provision for workers’ welfare fund(1,767,487)(3,750,586)
————-———–
Profit before taxation 86,606,87279,879,660
Taxation - -
————- ———–
Profit after taxation86,606,872 79,879,660
Other comprehensive income for the year- -
————-———–
Total comprehensive income for the year86,606,872 79,879,660
 ————-———–
Earnings per certificate 1.911.76

 

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