First IBL Modaraba’s financial results for the year ended June 30, 2011

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Karachi: We have to inform you that the Board of Director of M/S IBL Management (Private) Limited, which manage First IBL Modaraba (FIBLM), in its board meeting held on Thursday December 08, 2011 at 10:30 a.m. at principal office, 43-1, FCC, Gulberg III, Lahore recommended as the following.

Cash Dividend                              NIL

Bonus Certificates                         NIL

Right Certificates                         NIL

An Other Entitlement/ Corporation Action   NIL

An Other Price – Sensitive Information

 

The financial results of Fist IBL Modaraba are enclosed herewith.

The Annual Review Meeting (ARM) of the Modaraba will be held on December 30, 2011 at 10:00 a.m. at Auditorium of NBFI and Modaraba Association of Pakistan, 602, 6th Floor, Progressive Centre, 30 – A, Block – 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi.

The Shares Transfer Books of the Company will be closed from December 24, 2011 to December 30, 2011 (both days inclusive). Transfer received at the office of Shares Registrar, M/S Progressive Management Services (Pvt.) Limited, 241-C, Block – 2, P.E.C.H.S., Off: Shahrah-e-Faisal Karachi at the close of business on December 23, 2011 will be treated in time for the purpose of above entitlement to the to the transferees.

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

 

	2011	2010
	Rupees	Rupees
Income
Profit on musharaka financing	24,047,426	37,457,614
Income from Ijarah financing	6,729,639	6,689,805
Profit on murabaha financing	3,847,764	3,150,000
Return on investments	193,863	5,864,214
Other Income	2,965,495	7,043,017
	————	————-
	37,784,187	60,204,650
Expenses
Administrative and general expenses	15,157,847	14,687,462
Amortization on assets subject to Ijarah	5,191,463	4,778,318
Amortization loss on available for sale investments	–	2,847,000
Impairment (gain)/ loss on re-measurement of investments
at fair Value through profit or loss	3,329	105,927
Provision against non-performing Musharaka facility	14,311,552	19,500,000
Finance cost	11,902,494	15,945,553
	————	————-
	46,566,685	57,313,390
Operating Profit / (Loss)	(8,782,498)	2,313,390
Management fee	–	(231,339)
	————	————-
Profit/ (Loss) before taxation	(8,782,498)	2,082,051
Taxation	–	–
	————	————-
Profit / (Loss) after taxation	(8,782,498)	2,082,051
	————	————-
Earnings / (Loss) per certificate basic and diluted	(0.44)	0.10

 

For more information, contact:
M. Sohail A. Sheikh
Company Secretary
First IBL Modaraba
43/1 FCC Gulberg III, Lahore,
Pakistan.
Tel: +92 42 3577 8025-7
Fax: +92 42 3577 8024
Email: info@firstibl.com
Web: www.firstibl.com