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Karachi, January 22, 2013 (PPI-OT): We have to inform you that the Board of Directors of Management Company of Modaraba at its meeting held on Monday, January 21, 2012 at 3.00 pm has recommended the following:
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 September 30, 2012
|
30 September |
30 September |
|
|
2012 |
2011 |
|
|
Rupees |
Rupees |
|
| Income | ||
| Lease rentals |
88,757,725 |
152,324,659 |
| Profit on morabaha investment |
9,010,159 |
5,343,614 |
| Profit on musharikah investment |
1,318,718 |
485,983 |
| Gain on disposal of fixed assets |
3,456,725 |
(2,278,740) |
| Other income |
1,017,383 |
11,546,977 |
|
———– |
———– |
|
|
103,560,710 |
167,422,493 |
|
| Expenses | ||
| Operating expenses |
8,867,041 |
7,902,584 |
| Depreciation of assets leased out |
71,170,530 |
126,466,591 |
| Financial and other charges |
42,900,358 |
61,106,242 |
|
———– |
———– |
|
|
122,937,929 |
195,475,417 |
|
|
———– |
———– |
|
| Operating profit/ (loss) before provision |
(19,377,219) |
(28,052,924) |
| Provision/ (Reversal) for morabaha investment |
(7,377,300) |
19,486,565 |
| Provision/ (Reversal) for impairment of leased assets |
14,598,303 |
6,214,202 |
| Provision/ (Reversal) for musharikah investment |
1,702,931 |
220,989 |
| Other Provisions/ (Reversal) |
– |
1,161,000 |
|
———– |
———– |
|
|
8,923,934 |
27,082,756 |
|
|
———– |
———– |
|
| Operating profit/ (loss) after provision and impairment |
(28,301,133) |
(55,135,680) |
| Modaraba Company’s management fee |
– |
– |
|
———– |
———– |
|
| Profit/ (Loss) for the period |
(28,301,153) |
(55,135,680) |
|
———– |
———– |
|
| Earnings per certificate-basic |
(0.83) |
(1.62) |
For more information, contact:
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