First UDL Modaraba’s financial results for the quarter and half year ended December 31, 2012

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Karachi, February 28, 2013 (PPI-OT): We hereby inform you that the Board of Directors of UDL Modaraba Management (Private) Limited, Manager of First UDL Modaraba (FUDLM) in their meeting held on February 27, 2013 at 11:00 a.m. at C-117/1, KDA Scheme No# 1, Tipu Sultan Road Karachi, recommended the following:

Cash Dividend

Interim Cash dividend for the half year ended December 31, 2012 at Rs. Nil certificate i.e. Nil%.

AND/ OR

Bonus Shares

It has been recommended by the Board of Directors of issue bonus certificates in proportion of Nil per certificate for every Nil certificate held i.e. Nil%.

AND/ OR

Right Shares

It has been recommended by the Board of Directors of issue right certificates at par/at a discount/ premium of Rs. Nil per certificate in proportion of Nil certificate for every Nil Certificate.

AND/ OR

Any Other Price Sensitive Information

The financial results of First UDL Modaraba are enclosed herewith.

Condensed Interim Profit and Loss Account-(Un-audited) for the Quarter and Half Year Ended December 31, 2012

		Quarter ended		Half year ended
		December 31,	December 31,	December 31,	December 31,
		2012	2011	2012	2011
	Note	Rupees ‘000’
Income from ijarah operations		33,054	30,746	65,034	52,611
Income form Musharika receivables		4,052	6,741	9,092	14,268
Income form investments		1,739	5,302	1,820	2,517
Income form other sources		2,586	5,029	3,970	9,480
		——	——	——	——
		41,431	47,818	79,916	78,876
Operating expenses		8,203	7,478	14,031	12,838
Amortization on assets leased out under Ijarah		25,481	22,394	50,198	39,615
Financial charges		20	11	28	16
		——	——	——	——
		33,704	29,883	64,257	52,469
		——	——	——	——
Operating profit		7,727	17,935	15,659	26,407
Unrealised gain / (loss) on re-measurement of
Investment at fair value through profit or loss		(414)	(8,905)	882	(6,198)
Share of profit from associates (unrealized)		3,009	(7,755)	6,938	(647)
		——	——	——	——
		10,322	1,275	23,479	19,562
Modaraba company’s management fee		1,032	127	2,348	1,956
		——	——	——	——
Profit for the period		9,290	1,148	21,131	17,606
		——	——	——	——
Earnings per certificate-basic and diluted	13	0.35	0.04	0.80	0.67

The annexed notes from 1 to 18 form an integral part of the condensed interim financial information.

For more information, contact:
First UDL Modaraba
NIC Building, 8th Floor, Abbasi Shaheed Road,
Off Shahrah-e-Faisal, Karachi-75530-Pakistan
Tel: 3563 5501-4
Fax: 3563 5505,
Email: info@udlmodaraba.com
Web: www.udlmodaraba.com