First Punjab Modaraba’s financial results for the year ended June 30, 2012

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Karachi, December 28, 2012 (PPI-OT): We have to inform you that the Board of Directors of Management Company at its meeting held on December 28, 2012 at 3:30 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, 2012.

Please note that no dividend was announced for the year end.

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

The auditors have qualified their opinion in respect of fair value of intangible assets. The detailed basis of qualification and its explanation by the management has been given in the published accounts.

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

Profit and Loss Account for the Year Ended 30 June 2012

Annexure-I

	2012	2011
	Rupees	Rupees
Income
Ijarah rentals	532,507,577	777,268,113
Profit on morabaha investment	34,377,249	48,516,066
Profit on musharikah investment	4,865,812	5,745,294
Gain on disposal of fixed assets	7,771,395	–
Other income	37,831,750	22,202,801
	———–	———–
Expenses
Operating expenses	33,706,382	32,608,221
Depreciation of assets leased out	429,969,482	531,448,540
Loss on disposal of fixed assets	–	1,425,425
Finance cost	217,091,004	270,990,466
	———–	———–
	680,766,868	836,472,652
	———–	———–
Operating (loss)/ profit before provision and impairment	(63,413,085)	17,259,622
Provision for morabaha investment	47,312,604	46,729,988
Provision for impairment of Ijarah assets	61,088,240	28,159,752
Provision for musharikah investment	7,726,674	4,537,514
Other provisions	(1,925,551)	8,014,395
	———–	———–
	104,199,967	87,441,649
	———–	———–
Operating loss after provision and impairment	(167,613,052)	(70,182,027)
Modaraba Company’s management fee	–	–
	———–	———–
Loss for the year	(167,613,052)	(70,182,027)
	———–	———–
Loss par certificate-basic and diluted	(4.93)	(2.06)

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