First Punjab 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 Directors of Management Company at its meeting held on December 23, 2011 at 5:00 p.m. at the registered office of the company i.e. 233-A, New Muslim Town, Lahore has approved the annual audited accounts of First Punjab Modaraba (FPJM) for the year ended June 30, 2011.

Please note that no dividend was announced for the year.

The financial results of the Modaraba are attached as annexure – I.

The date of Annual Review Meeting of the Modaraba will be communicated shortly.

We will be sending you 300 printed copies for circulation among the members.

First Punjab Modaraba

Profit and Loss Account

For the year ended 30 June 2011

 

	2011	2010
	Rupees	Rupees
Income
Ijarah rentals	777,268,113	848,945,513
Profit on morabaha investment	48,516,066	61,450,461
Profit on musharikah investment	5,745,294	2,449,189
Gain on disposal of fixed assets	–	8,087,488
Gain on sale of investment	–	19,023,290
Other income	22,202,801	50,510,017
	———–	———–
	853,732,274	990,265,988
Expenses
Operating expenses	32,608,221	26,478,455
Depreciation of assets leased out	531,448,540	646,280,559
Loss on disposal of fixed assets	1,425,425	–
Finance cost	270,990,466	281,184,813
	———–	———–
	836,472,652	953,943,827
	———–	———–
Operating profit before provision and impairment	17,259,622	36,322,161
Provision for morabaha investment	46,129.988	11,837,043
Provision for impairment of ijarah assets	28,159,152	10,954,473
Provision for musharikah investment	4,537,514	2,617,200
Other provisions	8,014,395	3,101,011
	———–	———–
	87,441,649	28,509,727
	———–	———–
Operating (loss) / prom after provision aHd impairment	(70,182,027)	7,812,434
Modaraha Company’s management fee	–	781,243
	———–	———–
(Loss) / profit for the year	(70,182,027)	7,031,191
	———–	———–
(Loss) / earnings per certificate – basic and diluted	(2.06)	0.21

 

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
Web: www.punjabmodarab.com.pk