KASB Modaraba’s financial results for the year ended June 30, 2011

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Karachi: We have to inform you that the Board of Directors of our company in their meeting hold on August 29, 2011 at 08:00 p.m. at Plot No. 24-C, Shahbaz Commercial Lane-2, Phase VI, DHA, Karachi, recommended the following:

(1) Cash Dividend

A Cash Dividend for the year ended June 30, 2011 at Rs. 0.64 per share i.e. 6.4%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share i.e. Nil%.

(2) 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

(3) Right Shares

The Board has 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.

Profit And Loss Account for the Year Ended 30 June 2011

 

	Note	2011	2010
		(Rupees)
Income from leasing operations	28	11,344,091	15,869,614
Income from service ijarah		–	5,000,000
Profit on:
– musharaka finance		8,375,250	11,142,665
– murabaha finance		73,575,017	32,231,553
– modaraba finance		13,195,593	1,908,404
– diminishing musharaka finance		38,862,735	10,175,831
– sukuk bonds		2,889,780	2,628,790
– bank deposits		11,893,342	8,765,437
Gain on sale of investments – net	29	869,978	796,228
Loss on dairy farming business activities		–	(933,413)
Reversals of Musharaka and Ijarah losses		75,000	60,000
		———–	———-
		161,080,786	87,845,109
Financial charges	30	(89,143,307)	(45,839,712)
		———–	———-
		71,937,479	41,805,397
Other income	31	6,762,593	2,085,275
Administrative and operating expenses	32	(34,101,681)	(24,895,461)
		———–	———-
		44,598,391	18,995,211
Modaraba management company’s fee	33	(4,459,839)	(1,899,521)
		———–	———-
Profit before taxation		40,138,552	17,095,690
Taxation	17	–	–
		———–	———-
Net profit for the year		40,138,552	17,095,690
		———–	———-
Earnings per certificate	34	1.42	0.60

 

And/ Or

(4) Any Other Price-Sensitive Information

The financial results of the company are as follows:

(See enclosed profit and loss account.)

 

For more information, contact:
Faiqa Naz
Company Secretary
KASB Modaraba
DHA Branch: 80-C,
24th Commercial Street,
Off Khayaban-e-Ittehad,
Phase II, Ext, D.H.A, Karachi.
PABX: 021-35313939-43,
Fax: 021-35313933