Ellcot Spinning Mills Limited’s financial results for the year 2010-11 ended on 30th June 2011

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Karachi: We have pleasure to advise that the Board of Directors at their meeting held today approved audited accounts of the Company for the year 2010-2011 ended on 30 June, 2011. A copy of profit and loss account is enclosed for your information.

Directors have the pleasure to declare Final, dividend @ 70% (Seventy percent) i.e. Rs.7/= (Rupees seven only) per ordinary share of Rs. 10/ for the year 2010-2011 ended on 30th June, 2011.

The Dividend will be paid to the shareholders, whose names appear in the Register of Members on Thursday the 20th October, 2011.

The Share Transfer Books of the Company will be closed from 20th October, 2011 to 26th October, 2011 (both days inclusive). Valid transfers received in order by our Share Registrars, MIs. Hameed Majeed Associates (Pvt.) Ltd., 1st Floor, H.M., House, 7-Bank Square, Lahore, at the close of business on Wednesday,’ the 1gth October, 2011 will be treated in time for the purpose of payment of Dividend to the transferee(s).

23rd Annual General Meeting of the Company will be held at 11:30 a.m. on Wednesday, the 26th October, 2011 at the registered office of the Company.

Profit and Loss Account For The Year Ended June 30, 2011

 

	2011	2010
	Rupees
Turnover – net	4,991,956,237	3,186,159,742
Cost of sales	4,302,711,516	2,772,369,874
	————-	————-
Gross profit	689,244,721	413,789,868
Selling and distribution expenses	56,182,359	53,332,253
Administrative and general expenses	51,288,514	44,035,886
	————-	————-
	107,470,873	97,368,139
Net other income	10,253,272	2,669,986
	————-	————-
Operating profit	592,027,120	319,091,715
Finance cost	137,922,985	140,059,317
Other charges	32,182,735	12,355,098
	————-	————-
Profit before taxation	421,921,400	166,677,300
Taxation	69,820,334	38,043,908
	————-	————-
Profit after taxation	352,101,066	128,633,392
	————-	————-
Earnings per share – basic and diluted	32.16	11.75

 

For more information, contact:
Iftikar Taj Mian
Corporate Secretary
Ellcot Spinning Mills Limited
Nagina House, 91-B-1,
M.M. Alam Road,
Gulberg-III, Lahore-54660, Pakistan
Tel: (92-42) 35756270-77
Fax: (92-42) 35711856
E-mail: info@angina.com