Hafiz Textile Mills Limited’s financial results for the year ended 30-96-2011

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Karachi: We have to inform you that the Board of Directors of our company in the meeting held on Thursday 6th October, 2011 at 10:30 a.m., at 97, Alliance Building, 2nd Floor, Moolji Street, Mereweather Tower, Karachi- 74000 recommended the following:

(i) Cash Dividend

A Final Cash dividend for the year ended 30-06-2011 @ Rs. Nil per share i.e. Nil%. This is in addition to Interim Dividend already paid at Rs. Nil per share i.e. Nil %.

And/ Or

(ii) Bonus Issue

It has been recommended by the Board of directors to issue Interim Bonus shares in proportion of Nil shares for every Nil Share held i.e. Nil%. The Bonus shares will be entitled / not entitled for the right shares. This is in addition to the Interim Bonus Shares already issued @ Nil %.

And/ Or

(iii) Right Shares

The Board has also recommended to issue Nil % Right shares at par / at a discount / premium of Rs. Nil per share in proportion of Nil share(s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be / will not be applicable on Bonus Shares as declared above.

And/ Or

(iv) Any Other Entitlement/ Corporate Action:                                       None

(v) Any Other Price-Sensitive Information

 

	For The Year Ended 30-06-2011	For The Year Ended 30-06-2010
The financial results of the Company are as under:	Rs.	Rs.
Sales (Net)	Nil	Nil
Cost of Goods Sold	Nil	Nil
Gross profit / (Loss)	Nil	Nil
Operating Expense (Administrative and provisions)	4,933,120	4,120,531
Operating Profit / (Loss)	(4,933,120)	(4,120,531)
Financial Expenses	21,662	15,319
Other Income	9,448,237	8,097,993
Prior Years Adjustments	Nil	Nil
Profit (Loss) before Tax	4,493,455	3,962,143
Workers Participation Fund	Nil	Nil
Provision for Tax – Current	(1,042,874)	(591,678)
Deferred	Nil	Nil
Net Profit for the Year	3,450,581	3,370,465
Accumulated (Loss) Brought Forward	(103,726,048)	(108,070,720)
Accumulated (Loss) Available	(100,275,467)	(104,700,255)
Appropriation as under:
Incremental Depreciation Transferred from
Surplus on Revaluation of Fixed Assets	1,123,028	1,138,846
Proposed dividend for the period ended 30-06-2010 @ Rs. Nil per
share (2009: @ Rs 0.75 per share)	–	(9000,000)
Less: Dividend waived by Directors and their family members	–	735,361
	———-	———–
Dividend Payable to monority shareholders	–	(164,639)
	———-	———–
Inappropriate (Loss) Carried Forward	(99,152,439)	(103,726,048)
	———-	———–
Earning per share	2.88	2.81

 

The Annual General Meeting of the Company will be held on 28th October, 2011 at 8:30 am. at 97, Alliance Building, 2nd Floor, Moolji Street, Mereweather Tower, Karachi-74000.

The above entitlement will be paid to the shareholder whose names will appear ii the Register of Members 21-10-2011.

The Share Transfer Books of the Company will be closed from 22-10-2011 to 31-10-2011 both days inclusive). Transfers received at the 97, Alliance Building 2nd Floor. Moolji Street, M.W. Towers Karachi-74000 at the close of business on 21-10-2011 will be treated in time for the purpose of above entitlement to the transferees.

For more information, contact:
Quamruddin Usmani
Director
Hafiz Textile Mills Limited
Registered Office No. 97, Alliance Building,
Opp. Mereweather Tower,
Mooli Street, Karachi-74000
Tel: 2440371-2432896
Fax: +92-21-2440372
Email: html1951@hotmail.com