Huffaz Seamless Pipe Industries Limited’s finance results for the period ended December 31, 2011

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Karachi: We have to inform you that the Board of Directors of our company in their meeting held on Monday February 27, 2012 at 1700 hrs at registered office of the Company and Video Conference Hall, Dubai recommended the following.

(i) Cash Dividend

An Interim Cash Dividend for Half Yearly ended December 31, 2011 at Rs: 1.5 per share i.e. 15%. This is in addition to interim Dividend (s) already paid at Rs-NIL-per share i.e. NIL %.

And/ Or

(ii) Bonus Shares

It has been recommended by the Board of Directors to issue Interim Bonus shares in proportion of NIL share(s) for every NIL share (s) held i.e.-NIL %. This is in addition to the Interim Bonus shares already issued @ Nil %.

And/ Or

(iii) Right Shares

The Board has recommended issuing -NIL- % Right shares at par/at a discount / premium of Rs-NIL – per share in proportion of- NIL – share (s) for every – NTL – 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       NIL

And/ Or

(v) Any Other Price-Sensitive Information         NIL

The Financial results of the company are as follows:

 

		Six months period ended		Three months period ended
	Note	31	31	31	31
		December	December	December	December
		2011	2010	2011	2010
		(Rupees in‘000)	(Rupees in ‘000)	(Rupees in ‘000)	(Rupees in‘000)
Net sales	13	1,077,157	633,369	654,382	312,238
Cost of sales	14	(1,001,289)	(613,682)	(614,612)	(347,838)
		———	——-	——-	——-
Gross profit / (loss)		75,868	19,687	39,770	(35,600)
Selling and distribution cost		(4,155)	(2,396)	(2,953)	(1,425)
Administrative expenses		(23,799)	(19,980)	(12,386)	(11,910)
		———	——-	——-	——-
		(27,954)	(22,376)	(15,339)	(13,335)
		———	——-	——-	——-
		47,914	(2,689)	24,431	(48,935)
Other operating (charges) / income	15	(41,235)	(3,750)	(38,723)	213
Other operating income		1,033	2,714	97	2,679
		———	——-	——-	——-
		7,712	(3,725)	(14,195)	(46,043)
Finance cost		(31,743)	(35,053)	(20,130)	(22,427)
		———	——-              ——-	——-
Loss before taxation		(24,031)	(38,778)	(34,325)	(68,470)
Taxation	16	32,296	39,660	29,279	47,389
		———	——-	——-	——-
Profit / (loss) after taxation		8,265	882	(5,046)	(21,081)
		———	——-	——-	——-
		(Rupees)		(Rupees)
Earnings / (loss) per share – basic and diluted		0.149	0.016	(0.091)	(0.380)

 

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 26.03.2012.

The share transfer Books of the company will remain closed from 27-03-2012 to 03-04-2012 (both days inclusive). Transfer received at the Company’s Registrar office M/s Gangjees Registrar Services (Pvt) Ltd. 516 Clifton Centre Khayaban-e-Roomi Block-5, Clifton Karachi, at the close of Business 26-03-2012 will be treated in time for the purpose of any entitlement to the transferees.

For more information, contact:
Syed Zakir Ali
Company Secretary
Huffaz Seamless Pipe Industries Limited
207-210, 2nd Floor, Mashriq Centre,
Gulshan-e-Iqbal, Block-14,
Karachi – 75300, Pakistan
PABX: 92-21-34146241, 34146242, 34146243
Fax: 92-21-34146249
E-mail: huffaz@cyber.net.pk
Web: www.huffaz.com.pk