Haseeb Waqas Sugar Mills Limited’s financial results for the 3rd quarter ended June 30, 2011

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Karachi: This is to inform you that the Board of Directors’ Meeting of the Company held at 04:00 p.m. on Saturday, July 30, 2011, has considered and approved the financial results of the Company for the third quarter alongwith consolidated financial results for the nine months period ended June 30, 2011.

Approved Financial results of the company for the period under review are being provided through “Annexure A” enclosed herewith.

Moreover, during the period under review, the Board has not recommended any entitlement.

Condensed Interim Profit and Loss Account (Un-audited)

For the 3rd Quarter and Nine Months ended June 30, 2011

 

		Nine months ended		Quarter ended
		June 30, 2011	June 30, 2010	June 30, 2011	June 30, 2010
	Note	Rupees		Rupees
Sales – Net	13	2,587,825,684	1,351,185,822	59,750,588	330,916,342
Cost of goods sold	14	(2,538,349,776)	(1,347,602,007)	(84,598,079)	(333,589,156)
		————-	————-	———-	———–
Gross proflt/(Loss)		49,475,908	3,583,815	(24,847,491)	(2,672,814)
Operating expenses
Administrative and general		22,055,873	24,393,148	6,625,428	7,766,188
		————-	————-	———-	———–
		27,420,035	(20,809,333)	(31,472,920)	(10,439,002)
Other operating income		38,320,804	5,845,149	36,696,275	5,631,688
		————-	————-	———-	———–
Profit/(Loss) from operation		65,740,839	(14,964,184)	5,223,356	(4,807,314)
Finance cost		120,054,537	88,206,766	45,406,707	40,359,991
		————-	————-	———-	———–
(Loss) before taxation		(54,313,698)	(103,170,950)	(40,183,351)	(45,167,305)
		————-	————-	———-	———–
Taxation
Current		(25,878,257)	(6,885,539)	(597,506)	(1,520,975)
Deferred		(11,516,094)	30,939,948	(34,209,754)	1,978,853
		————-	————-	———-	———–
		(37,394,351)	24,054,409	(34,807,260)	457,878
		————-	————-	———-	———–
(Loss) after taxation		(91,708,049)	(79,116,541)	(74,990,611)	(44,709,427)
		————-	————-	———-	———-
Earning per share – basic		(2.83)	(2.44)	(2.31)	(1.38)

 

The annexed notes form an integral part of these condensed interim financial information.

Presently the Chief Executive of the Company is out of the country due to the reason these financial statements have been signed by two directors of the Company under Section 241(2) of the Companies Ordinance, 1984.

For more information, contact:
Ansar Ahmed
Company Secretary
Haseeb Waqas Sugar Mills Limited
6-F, Model Town, Lahore Pakistan
Tel: +9242 35917321-23
Fax: +9242 35917317
Email: hwgc@hwgc.com.pk