First IBL Modaraba’s financial results of annual accounts for the period ended June 30, 2012

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Karachi, December 07, 2012 (PPI-OT): We have to inform you that the Board of Directors of M/S IBL Modaraba Management (Private) Limited, managers of First IBL Modaraba (FIBLM), in its board meeting held today, Friday December 07, 2012 at 10:30 a.m. at Principal Office of First IBL Modaraba, 87- Aurangzeb Block, New Garden Town, Lahore recommended as the following:

Cash Dividend                                 – Nil –

Bonus Certificates                            – Nil –

Right Certificates                            – Nil –

Any Other Entitlement/ Corporate Action       – Nil –

Any Other Price-Sensitive Information

The financial results of First IBL Modaraba are enclosed herewith

The Annual Review Meeting (ARM) of the Modaraba will be held on December 31, 2012 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 25, 2012 to December 31, 2012 (both days inclusive). Transfers received at the office of Shares Registrar, M/S Technology Trade (Private) Limited, 241-C, Block-2, P.E.C.H.S., Off: Shahrah-e-Quaideen, Karachi at the close of business on December 24, 2012 will be treated in time for the purpose of above entitlement to the transferees.

Profit and Loss Account for the Year Ended June 30, 2012

	2012	2011
	Rupees	Rupees
	Restated
Income
Profit on musharaka financing	935,464	35,838,885
Income from Ijarah financing	2,899,015	8,729,639
Profit on murabaha financing	4,025,004	3,847,764
Return on investments	38,950	193,863
Other income	938,367	2,965,495
	———-	———-
	8,836,830	49,575,646
Expenses
Administrative and general expenses	12,687,091	15,157,847
Amortization on assets subject to Ijarah	5,762,332	5,191,464
Amortization on Intangible Assets	247,500	–
Unrealized (Gain)/ loss on re-measurement of Investments
at fair value through profit or loss’	(50,126)	3,329
Realized loss on sale of Investments	898,869	–
Provision against non-performing Musharaka receivables	26,017,137	14,311,552
Profit Receivable on Musharaka receivables held in suspense account	1,763,126	11,791,459
Finance cost	1,984,376	13,310,002
	———-	———-
	49,310,305	59,765,653
Operating Profit/ (Loss)	(40,473,475)	(10,190,007)
Management fee	–	–
	———-	———-
Provision for workers’ welfare fund
Profit/ (loss) before taxation	(40,473,475)	(10,190,007)
Taxation	–	–
	———-	———-
Profit/ (loss) after taxation	(40,473,475)	(10,190,007)
	———-	———-
Earning/ (loss) per certificate basic/ diluted	(2.00)	(0.50)

For more information, contact:
M. Sohail A. Sheikh
Company Secretary
First IBL Modaraba
Principle Office: 43/1,
FCC Gulberg, Lahore, Pakistan
Ph: (+92) 42 3577 8025-7
Fax: (+92) 42 3577 8024
E-mail: info@firstibl.com
Web: www.firstibl.com