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Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on Wednesday the October 5, 2011 at 1.30 p.m. at the Registered Office of the Company at Hali Road, S.I.T.E., Hyderabad recommend the following:
1. Cash Dividend
A final Cash Dividend for the year ended 30th June2011 @ Re1.0 per share i.e. 10%
A complete Income Statements including earning per share is enclosed.
The Annual General Meeting of the Company will be held on 31st October 2011 at 8:00 a.m. at the Registered Office of the Company at Hali Road, S.I.T.E, Hyderabad.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 24th October 2011.
The Share Transfer Books of the Company will be closed from 25th to 31st October 2011 (both days inclusive). Transfer received to our Share Registrar M/s. Progressive Management Services (Pvt.) Ltd,, 10th Floor, Mehdi Towers, A-115, S.M.C.I-I.S, Shahrah-e-Faisal, Karachi, at the close of business on 24.10.2011 will be treated in time for the purpose of above entitlement to the transferees.
Profit and Loss Account for the year ended June 30, 2011
|
2011 |
2010 |
|
|
Rupees |
Rupees |
|
| Sales | 2,825,314,922 | 2,442,558,955 |
| Cost of sales | 2,282,067,243 | 2,423,990,825 |
| ————– | ————– | |
| Gross profit | 543,247,679 | 18,568,130 |
| Administration expenses | 51,193,992 | 60,216,029 |
| Selling expenses | 12,177,937 | 18,450,179 |
| ————– | ————– | |
| 63,371,989 | 78,666,207 | |
| ————– | ————– | |
| Operating Profit / (loss) | 479,875,690 | (60,098,077) |
| Other income | 81,399,156 | 655,745,201 |
| ————– | ————– | |
| 561,274,846 | 595,647,124 | |
| Financial expenses | 550,330,425 | 561,196,888 |
| Other charges | 5,992,617 | 6,728,088 |
| ————– | ————– | |
| 556,323,043 | 567,924,976 | |
| ————– | ————– | |
| Profit before taxation | 4,951,803 | 27,722,147 |
| Taxation | ||
| – Current | 15,722,351 | 8,100,000 |
| – Deferred | (13,000,000) | 15,000,000 |
| ————– | ————– | |
| 2,722,351 | 23,100,000 | |
| ————– | ————– | |
| Profit after taxation | 2,229,452 | 4,622,147 |
| Other Comprehensive income for the year | ||
| Unrealized gain on investment | ||
| Available – for- sale | 822,716 | 1,343,553 |
| ————– | ————– | |
| Total Comprehensive income for the year | 3,057,168 | 5,965,700 |
| ————– | ————– | |
| Earning Per Share | 1.78 | 3.70 |
Financial Results for the Year Ended June 30, 2011
Extract from Auditors’ Report
Without qualifying our opinion:
a) We point out that as against established policy the investment in shares of Allied Bank Ltd has been retained at cost price as briefly disclosed in Note No. 17.1.1 and the gain of Rs. 525.773 million at year end has not been accounted for. Had this been done, the equity would have been increased by that much amount. The hearing of the case before High Court of Sindh has been completed and judgment has been reserved.
b) The export trade debts includes past due balances amounting around Rs. 5 billion which are against the normal practices against which provision for doubtful debts has not been made. Recoveries during the year from these past due debtors amount to Rs. 600 million only, which evidently indicate very slow recovery. The situation, therefore, requires all out efforts to expedite recovery to avoid legal action from State Bank of Pakistan under Foreign Exchange Regulations.
Closure of Share Transfer Books
Under the Regulation No.14(1) of the Listing Regulations, we hereby inform you that in terms of our Notice of Annual General Meeting being held on 31st October 2011 our Share Transfer Books shall remain closed for seven days from 25th to 31st October 2011 (both days inclusive).
For more information, contact:
Fateh Textile Mills Limited
P.O. Box No. 69 Hali Road,
Hyderabad – 71900,
Pakistan.
Tel: (92-0221) 111 69 69 69
Fax: (92-0221) 880042
Email: fatehmills@aol.com