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Karachi: We have to inform you that the Board of Directors of the Company, in their meeting held on January 04, 2012 at 11:00 a.m. at T-09, 3rd Floor, Hafeez Centre, Main Boulevard, Gulberg-III, Lahore has approved the following financial results for the year ended September 30, 2011 for onward dissemination to the members of the Exchange. The Dividend for the year under review be regretfully over.
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Rupees ‘000’ |
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30th September |
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|
2011 |
2010 |
|
| Sales | 950,031 | 657,510 |
| Cost of sales | (848,162) | (853,586) |
| ——- | ——- | |
| Gross Profit / (Loss) | 101,869 | (196,076) |
| Operating Expenses | ||
| Distribution Costs | (4,262) | (3,000) |
| Administrative | (31,857) | (54,819) |
| Other Operating Expenses | (19,670) | (1,175) |
| ——- | ——- | |
| (55,789) | (58,994) | |
| ——- | ——- | |
| Operating Profit / (Loss) | 46,080 | (255,070) |
| Finance Cost | (238,005) | (59,021) |
| ——- | ——- | |
| (191,925) | (314,091) | |
| Other Operating Income | 159 | 8,494 |
| ——- | ——- | |
| (Loss)/Profit before Taxation | (191,766) | (305,597) |
| Taxation | (32,323) | (11,294) |
| Unappropriated Loss Brought Forward | (616,117) | (322,859) |
| Transferred from Surplus on revolution | ||
| Of fixed assets | 23,186 | 23,638 |
| ——- | ——- | |
| Loss after Taxation | (817,020) | (616,117) |
| ——- | ——- | |
| Loss per Share – Basic and Diluted Rs. | (23.71) | (33.53) |
The Auditors in their report have raised doubts about the ability of the Company to continue on a going concern basis. However the Company has made significant improvement in the period under review. It has earned gross Profit of Rs. 101,868,943. As compared to gross loss of Rs. 196,076,598 of previous year. In addition to that, the sugar production has increased by 149% as compared to last year. This is due to measures/ initiatives taken by the new management which include sponsors continuous arrangement of funds as and when required prompt discharging of its liabilities including financial obligation, securing growers commitments for availability of quality sugarcane.
The Annual General Meeting of the Company will be held on Friday, 27 January 2012 at 3:00 P.M. at Dr. Abdul Qadeer Khan Auditorium, Haji Abdullah Haroon Muslim Gymkhana, Gate # 1, Aiwan-e-Saddar Road, Karachi.
The share transfer books of the Company will close from January 20, 2012 to January 27, 2012 (both days inclusive). The transfer received at the 1st Floor, Panorama Centre, Raja Ghazanfar Ali Khan Road, Saddar, Karachi, at the close of business on January 19, 2012 will be considered in time for attending of meeting.
We will be sending you 300 copies of accounts for distribution amongst the members of the Exchange in due course of time.
For more information, contact:
Muhammad Ibrahim
Company Secretary
Baba Farid Sugar Mills Limited
1st Floor, Panorama Centre #2,
Raja Ghazanfar Ali Khan Road, Saddar, Karachi,
UAN: 111-133-280
Phones: 35682178-35662991
Fax: 35683800- 35684709
Website: www.fecto.com
Email: fecto@tecto.com