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Karachi: We have to inform you that the Board of Directors of Management Company of Modaraba at its meeting held on May 02, 2012 at 3:00 p.m. at the registered office of the company i.e. 233-A, New Muslim Town, Lahore has approved accounts for the period ended March 31, 2012.
Please note that no dividend was announced for interim period.
The financial results of the Modaraba are attached as annexure-I.
Annexure – I
Condensed Interim Profit and Loss Account (Un-Audited) for the period ended March 31, 2012
|
2012 |
2011 |
||||
| Note |
July to March |
January to March |
July to March |
January to March |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
||
| Income | |||||
| Lease rentals |
424,583,081 |
127,327,000 |
560,932,595 |
206,774,440 |
|
| Profit on morabaha investment |
20,624,650 |
6,589,376 |
28,562,652 |
9,230,032 |
|
| Profit on musharikah investment |
3,522,583 |
1,333,210 |
2,561,908 |
1,349,734 |
|
| Gain on disposal of fixed assets |
7,567,322 |
9,433,271 |
(5,554,271) |
(13,009,675) |
|
| Other income |
18,396,242 |
4,059,181 |
17,037,225 |
6,576,596 |
|
|
———– |
———– |
———– |
———– |
||
|
474,693,578 |
148,742,038 |
603,540,109 |
210,921,127 |
||
| Expenses | |||||
| Operating expenses |
25,334,057 |
8,458,945 |
23,607,339 |
9,873,091 |
|
| Depreciation of assets leased out |
344,885,887 |
102,927,428 |
403,390,221 |
130,040,198 |
|
| Financial and other charges |
162,866,717 |
50,349,499 |
202,775,094 |
67,238,893 |
|
|
———– |
———– |
———– |
———– |
||
|
533,086,661 |
161,735,572 |
629,772,654 |
207,152,182 |
||
|
———– |
———– |
———– |
———– |
||
| Operating profit/ (loss) before provision |
(58,392,783) |
(12,993,834) |
(26,232,545) |
3,768,945 |
|
| Provision/ (Reversal) for morabaha investment |
29,294,931 |
(9,678,200) |
33,685,659 |
31,627,986 |
|
| Provision/ (Reversal) for impairment of leased assets |
22,083,607 |
8,678,200 |
21,829,080 |
4,566,329 |
|
| Provision/ (Reversal) for musharikah investment |
7,336,728 |
6,894,750 |
3,925,800 |
3,925,800 |
|
| Other Provisions / (Reversal) |
2,322,001 |
– |
7,273,240 |
– |
|
|
———– |
———– |
———– |
———– |
||
|
61,037,267 |
5,243,918 |
66,713,779 |
40,120,115 |
||
|
———– |
———– |
———– |
———– |
||
| Operating profit / (loss) after provision impairment |
(119,430,050) |
(18,237,752) |
(92,946,324) |
(36,351,170) |
|
|
– |
– |
– |
– |
||
| Modaraba Company’s management fee |
– |
– |
– |
– |
|
|
———– |
———– |
———– |
———– |
||
| Profit / (Loss) for the period |
(119,430,050) |
(18,237,752) |
(92,946,324) |
(36,351,170) |
|
|
———– |
———– |
———– |
———– |
||
| Earnings per certificate – basic |
(3.51) |
(0.54) |
(2.73) |
(1.07) |
|
For more information, Contact:
Mudassar Kaiser Pal
Company Secretary
First Punjab Modaraba
233-A, New Muslim Town, Lahore, Pakistan,
Postal Code No: 54600
PABX: (+92-42) 3586-5032-37
Fax: (+92-42) 3586-5038-39
URL: www.punjabmodaraba.com.pk