KASB Modaraba’s financial results for the year ended June 30, 2012

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Karachi, August 28, 2012 (PPI-OT): We have to inform you that the Board of Directors of our company in their meeting held on August 27, 2012 at 06:30 p.m. at 80-C, 24th Commercial Street, Off Khayaban-e-Ittehad, Phase II, Ext., DHA, Karachi, recommended the following:

(i) Cash Dividend

A Cash Dividend for the year ended June 30, 2012 at Rs. 0.65 per share i.e. 6.5%. 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 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 Price-Sensitive Information

The financial results of the Company are as follows:

Profit and Loss Account for the Year Ended 30 June 2012

	Note	2012	2011
		(Rupees)
Income from leasing operations	28	9,570,588	11,344,091
Profit on:
– musharaka finance		11,225,165	8,375,250
– murabaha finance		96,843,814	73,575,017
– modaraba finance		11,150,745	13,195,593
– diminishing musharaka finance		56,340,551	38,862,735
– sukuk bonds		2,411,350	2,889,780
– bank deposits		6,647,709	11,889,342
Gain on sale of investments – net	29	1,483,511	869,978
Reversal of Musharaka and Ijarah losses		80,000	75,000
		———–	———–
		197,753,493	161,080,786
Financial charges	30	(118,306,332)	(89,143,307)
		———–	———–
		79,447,161	71,937,479
Other income	31	7,263,552	6,762,593
Administrative and operating expenses	32	(41,513,480)	(34,101,681)
		———–	———–
		45,197,233	44,598,391
Modaraba management company’s fee	33	(4,519,723)	(4,459,839)
		———–	———–
Profit before taxation		40,677,610	40,138,552
Taxation	17	–	–
		———–	———–
Net profit for the year		40,677,510	40,138,552
		———–	———–
Earnings per certificate	34	1.44	1 .42

The annexed notes 1 to 42 form an integral part of these financial statements.

The Annual General Meeting of the Modaraba will be held on October 3, 2012 at 03.00 p.m. at Haji Abdullah Haroon Muslim Gymkhana, Auditorium Awan-e-Saddar Road, Karachi.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on September 26, 2012.

The Share Transfer Books of the Modaraba will be closed from September 27, 2012 to October 3, 2012 (both days inclusive). Transfers received at the C and K Management Associates (Private) Limited, 404, Trade Tower, Abdullah Haroon Road, Near Metropol Hotel, Karachi. (Phone: 35687835-35685930) at the close of business on September 26, 2012 will be treated in time for the purpose of above entitlement to the transfrees.

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