Karachi: This is to inform you that the Board of Directors’ Meeting of the Company held at 04:00 P.M on Tuesday. May 31 2011, has considered and approved the financial results of the Company for the half year ended on March 31, 2011. Approved Financial results of the company for the period under review are being provided through “Annexure A” enclosed herewith. During the period under review, the Board has not announced any of Cash Dividend, Bonus Shares, or Right Shares. Hence, related paras as prescribed in the Form 7’ of the Correspondence Manual of the Exchange, have not been mentioned. CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unauditied) FOR THE HALF YEAR ENDED MARCH 31, 2011 Notes Half year ended Quarter ended 31 March 2011 31 March 2010 31 March 2011 31 March 2010 Rupees Rupees Sales - Net 15 2,528,075,096 1,020,269,480 1,976,911,623 947,871,524 Cost of sales 16 2,453,751,697 1,014,012,851 1,912,778,790 958,449,324 ------------- ------------- ------------- ------------- Gross Profit / (Loss) 74,323,399 6,256,629 64,132,833 (10,577,800) Administrative and general expenses 15,430,445 16,626,960 8,659,932 11,017,960 ------------- ------------- ------------- ------------- 58,892,955 (10,370,331) 55472,902 (21,595,760) Other operating income 1,624,529 213,461 437,838 12,123 ------------- ------------- ------------- ------------- Profit from operations 60,517,483 (10,156,870) 55,910,739 (21,583,637) Finance cost 74,647,830 47,846,775 45,464,377 38,438,296 ------------- ------------- ------------- ------------- (Loss)/Profit before taxation, (14,130,347) (58,003,645) 10,446,362 (60,021,933) Taxation Current-for the period (25,280,751) (5,364,564) (19,769,116) (5,750,660) Deferred 22,693,660 28,961,096 19,700,245 490,655 ------------- ------------- ------------- ------------- (2,587,091) 23,596,532 (68,871) (5,260,005) ------------- ------------- ------------- ------------- (Loss)/ Profit after taxation (16,717,438) (34,407,113) 10,377,491 (65,281,938) ------------- ------------- ------------- ------------- (Loss)/Earnings per share - Basic (0.52) (1.06) 0.32 (2.01) ------------- ------------- ------------- ------------- For more information, contact: Ansar Ahmed Company Secretary Haseeb Waqas Sugar Mills Limited 6-F, Model Town, Lahore Pakistan Tel: +9242 35917321-23, Fax: +9242 35917317

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