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Karachi: We have to inform you that the Board of Directors of Jahangir Siddiqui and Company Limited (JSCL) in their meeting held on April 25, 2012 at 06:00 p.m. at 6th Floor, Faysal House, Shahra-e- Faisal, Karachi approved the un-audited accounts for the nine months period ended
March 31, 2012.
Financial Results
The financial results of the Company for the nine months period and quarter ended March 31, 2012 are as follows:
Condensed Interim Profit And Loss Account for the Nine Months Period and Quarter Ended March 31, 2012
|
Nine Months Ended |
Quarter ended |
|||
|
March 31 |
March 31 |
|||
|
2012 |
2011 |
2012 |
2011 |
|
|
(Un-Audited) |
||||
|
(Rs. In `000) |
||||
| Income | ||||
| Return on investments | 561,165 | 292,627 | 301,528 | 5,589 |
| Gain on sale of investments – net | 310 | 504,081 | – | 205,912 |
| Income from long-term loans and fund | ||||
| placements | 36,729 | 11,545 | 7,130 | 11,343 |
| Other income | 25,025 | 23,534 | 9,110 | 8,192 |
| Loss on revaluation of investments carried at | ||||
| fair value through profit and loss account – net | – | (12,261) | – | (83,872) |
| ——- | ——- | ——- | ——- | |
| 623,229 | 819,526 | 317,768 | 147,164 | |
| Expenditure | ||||
| Operating and administrative expenses | 90,217 | 116,190 | 33,086 | 43,487 |
| Finance cost | 292,951 | 417,468 | 80,213 | 127,365 |
| (Reversal of) / provision for impairment against | ||||
| investments – net | (148,683) | 891,499 | (477,160) | 577,645 |
| ——- | ——- | ——- | ——- | |
| 234,485 | 1,425,157 | (363,861) | 748,497 | |
| ——- | ——- | ——- | ——- | |
| Profit/ (Loss) Before Taxation | 388,744 | (605,631) | 681,629 | (601,233) |
| Taxation | ||||
| Current | – | 168 | – | 83 |
| Prior | (2,609) | (3,952) | – | – |
| ——- | ——- | ——- | ——- | |
| (2,609) | (3,784) | – | 83 | |
| Net Profit/ (Loss) for the period | 391,353 | (601,847) | 681,629 | (601,416) |
| ——- | ——- | ——- | ——- | |
| Rupees | ||||
| Earnings / (Loss) per share | ||||
| Basic and diluted | 0.51 | (0.79) | 0.89 | (0.79) |
Condensed interim statement of comprehensive income for the nine months period and quarter ended march31, 2012
| Nine Months Ended | Quarter ended | ||||
| March 31 | March 31 | ||||
| 2012 | 2011 | 2012 | 2011 | ||
| (Un-Audited) | |||||
| (Rs. In `000) | |||||
| Net Profit/ (Loss) for the period | 391,353 | (601,847) | 681,629 | (601,416) | |
| Other Comprehensive Income / (Loss) | |||||
| Net gain/ (loss) on available for sale investments | |||||
| Profit / (Loss) during the period | 3,602,156 | (542,331) | 4,108,509 | (605,532) | |
| Reclassification adjustments included in the profit | |||||
| and loss account for: | |||||
| – Gain on sale of investments net | – | (339,388) | – | (133,756) | |
| – Impairment on investments | 299,461 | 891,499 | – | 577,645 | |
| ——— | ——- | ——— | ——– | ||
| 3,901,617 | 9,780 | 4,108,509 | (161,643) | ||
| ——— | ——- | ——— | ——– | ||
| Total Comprehensive Income/ (Loss) for the period | 4,292,970 | (592,067) | 4,790,138 | (763,059) | |
Material Information
Transaction for disposal of shares of JS Investments Ltd. (JSIL) held by Jahangir Siddiqui and Company Limited to JS Bank Ltd. (JSBL) in exchange for shares of JSBL to JSCL
The Board of Directors of Jahangir Siddiqui & Co. Ltd. (JSCL) in their meeting held on April 25, 2012 after considering the various options for meeting the State Bank of Pakistan’s minimum capital requirements for its subsidiary, JS Bank Ltd. (JSBL) have given an in-principle approval to dispose of its investment in JS Investments Ltd. (JSIL) comprising of its 52.02% shares to JSBL in exchange of new shares of JSBL to JSCL.
The swap ratio for the above transaction will be based on the break up values of shares of JSIL and JSBL which will be determined by an independent professional firm and will be approved by the Board of Directors of JSCL and JSBL.
This transaction will be subject to the approvals of shareholders of JSBL and JSCL arid compliance with other necessary legal formalities and consents of regulatory bodies, wherever required.
Change of Accounting Year
The Board of Directors have also decided that the Financial Year of the Company be changed from 30th June to 31th December, and that the Annual Accounts of the Company for the period ending on 30th June, 2012 be extended to 31st December, 2012 i.e., for a period of eighteen (18) months, subject to the approval of Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and such other approvals as may be required in this regard.
Banklslami Pakistan Ltd. – Right Issue
The Board of Directors have also decided to make further investment of up to PKR 400 million in Banklslami Pakistan Limited (BIPL) by subscription of its proposed right shares which will be offered to the Company by BIPL subject to the approval of shareholders of JSCL.
For more inforamtion, Contact:
Farah Qureshi
Company Secretary
Jahangir Siddiqui and Company Limited
6th Floor, Faysal House, Shahrah-e-Faisal
Karachi-75530, Pakistan
Web: www.js.com
UAN: +92 21 111 574 111
Dir: +92 21 3279 9556
Fax: +92 21 3280 0090