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Karachi, May 30, 2013 (PPI-OT): We are pleased to inform you that the Board of Directors of Shakarganj Mills Limited (SGML) in their meeting held on 30 May 2013 at Faisalabad have considered and approved the financial results of Shakarganj Mills Limited for the 2nd Quarter and Six Months period ended 31 March 2013 and the Board of Directors recommended the following:
(i) Cash Dividend Nil
(ii) Bonus Shares Nil
(iii) Rights Shares Nil
(iv) Any other entitlement/ Corporate Action Nil
(v) Any other price-sensitive information Nil
The financial results of the Company are attached herewith.
The auditors review report contains the following observation:
“We draw attention to note 1.2 to the interim financial information, which indicates that the company could not meet its obligations in respect of principal and mark-up repayments on borrowings from financial institutions. The current liabilities of the company have exceeded its current assets by Rs. 4,873 million and the equity has been eroded by Rs. 90 million.
These conditions, along with other matters set forth in note 1.2 indicate the existence of material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern. Our opinion is not qualified in respect of this matter.”
Quarter ended Half year ended
31 March 31 March 31 March 31 March
2013 2012 2013 2013
Note (Rupees in thousand)
(Represented) (Represented)
Sales 12.1 3,597,289 4,301,464 6,559,851 7,313,707
Cost of sales 12.2 (3,007,225) (3,460,735) (5,686,908) (6,085,149)
--------- --------- --------- ---------
Gross profit 590,064 840,729 872,943 1,228,558
Administrative expenses (78,398) (79,773) (148,938) (160,837)
Distribution and selling costs (106,050) (93,101) (177,947) (166,435)
Other operating expenses (38,913) (30,718) (46,069) (56,478)
Other operating income 62,428 25,967 106,986 63,118
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Profit from operations 429,131 663,104 606,975 907,926
Finance cost (103,645) (212,075) (233,122) (401,991)
Share of income from associates 55,567 38,459 123,741 49,963
--------- --------- --------- ---------
Profit before taxation 381,053 489,488 497,594 555,898
Taxation
- Company (30,511) (41,354) (48,213) (72,817)
- Associates (4,780) (6,193) (16,754) (12,164)
--------- --------- --------- ---------
(35,291) (47,547) (64,967) (84,981)
--------- --------- --------- ---------
Profit after taxation 345,762 441,941 432,627 470,917
--------- --------- --------- ---------
Earnings per share
Basic earnings per share 13 4.97 6.36 6.22 6.77
Diluted earnings per share 13 4.59 5.97 5.75 6.45
The annexed notes 1 to 17 form an integral part of this condensed interim financial information.
We will be sending you the copies of printed accounts for distribution amongst members of the Exchange in due course of time.
For more information, contact:
Asif Ali
Company Secretary
Shakarganj Mills Limited
12th floor, Sidco Avenue Centre,
264-R.A. Lines,
Karachi, Pakistan
Tel: (021) 3568 8149
Fax: (021) 3568 0476
URL: http://www.shakarganj.com.pk