Modaraba Al-Mali’s results for the half year ended December 31, 2011

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Karachi: We have to inform you that the Board of Directors of Modaraba Al-Mali (MODAM), Management Company of Modaraba Al-Mali, in their meeting held today at 04:30 p.m., approved the followings:

i) Cash Dividend           Nil

ii) Bonus Issue            Nil

iii) Right Issue           Nil

The Un- audited Financial Results for the Half Year ended December 31, 2011 are attached herewith.

We will be sending you 300 copies of’ printed accounts for distribution amongst the members of Exchange in due course of time.

Condensed Interim Profit and Loss Account (Un-Audited) for the Half Year Ended December 31, 2011

 

		Half Year Ended		Quarter Ended
		December 31,	December 31,	December 31,	December 31,
		2011	2010	2011	2010
	Note	Rupees
Income
Income from maintenance services		29,487,455	17,227,602	14,028,622	8,631,975
Income from ijarah finance		21,663,905	14,685,878	10,677,039	7,396,563
Profit on investments in sukuk certificates		27,411	702,448	–	276,482
Profit on diminishing musharaka finances		364,014	1,972,074	95,448	869,468
Profit on morabaha finances		3,147	24,823	1,487	15,245
Loss from operation of a fuel station- net	11	(185,530)	(600,500)	(153,285)	(215,575)
Other operating income – net	12	2,072,679	3,669,423	1,272,183	2,944,152
		———-	———-	———-	———-
		53,433,081	37,681,748	25,921,494	19,918,310
Expenditure
Profit on ijarah finance		–	157,739	–	65,112
Depreciation on property and equipment – ijarah		1,428,945	1,609,555	617,015	824,227
Operating expenses	13	54,728,050	34,125,088	27,115,546	17,491,726
		———-	———-	———-	———-
		56,156,995	35,892,382	27,732,561	18,381,065
		———-	———-	———-	———-
		(2,723,914)	1,789,366	(1,811,067)	1,537,245
Reversal/ (provision) of’ impairment loss – net		60,691	(1,149,287)	44,351	(1,434,567)
		———-	———-	———-	———-
		(2,663,223)	640,079	(1,766,716)	102,678
Modaraba company’s management fee		–	(64,008)	–	(102,268)
		———-	———-	———-	———-
Net (loss)/ income for the period before taxation		(2,663,223)	576,071	(1,766,716)	92,410
Taxation	14	(116,132)	–	(70,388)	–
		———-	———-	———-	———-
Net (loss) / income for the period after taxation		(2,779,355)	576,071	(1,837,104)	92,410
Other comprehensive income		–	–	–	–
		———-	———-	———-	———-
Total comprehensive (loss)/ income for the period		(2,779,355)	576,071	(1,837,104)	92,410
		———-	———-	———-	———-
(Loss)/ Earnings per certificate – basic and diluted		(0.14)	0.03	(0.10)	0.01

 

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

For more information, Contact:
Modaraba Al-Mali
10th Floor, Progressive Square,
Opp. Nursery, Shahrah-e-Faisal,
Karachi, Pakistan
Ph: (92-21) 34547521
Fax: (92-21) 34547526
Web: www.modarabaalmali.com