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BankIslami Modaraba Investments Limited’s confidential announcement- Modaraba Al-Mali results for the year ended June 30, 2011

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by September 30, 2011 Financial Results

Karachi: We have to inform you that the Board of Directors of BankIslami Modaraba Investments Limited (BIMIL), Management Company of Modaraba Al-Mali, in their meeting held today at 4:30 p-m., approved the followings:

 

1) Cash Dividend Nil
2)  Bonus Issue Nil
3) Right Issue Nil

 

The Audited Financial Results for the year ended June 30, 2011 are attached herewith.

The Annual Review Meeting of Modaraba Al Mali will be held at Karachi on Thursday, 27th October 2011 at 8:00a.m.sharp, to review the performance of the Modaraba.

The Certificate Transfer Books of Modaraba Al Mali will be closed from 20th October 2011 to 27th October 2011 (both days inclusive). The transfer received by our Registrar, M/s Technology Trade (Private) Limited, Dagia House, 241-C, Block-2, PECHS, Karachi at the dose of business hours on 19th October 2011 will be treated in time for the purpose of attending the Annual Review Meeting.

Profit and Loss Account for the Year Ended June 30, 2011

 

2011

2010

Note

Rupees

Rupees

Income
Income from maintenance services 42,827,320 26,879,414
Income from ijarah finance 30,367,791 21,253,808
Profit on diminishing musharaka finance 3,146,904 7,045,432
Profit on investments in sukuk certificate 1,027,769 2,227,562
Profit on murabaha finance 38,851 406,555
Income from operation of fuel station – net 20 515,962  –
Other operating income – net 21 7,559,736 3,685,671
———- ———-
85,484,333 61,498,442
Expenditure
Profit on ijarah finance 157,739 1,137,365
Depreciation on property and equipment – ijarah 14 3,510,414  2,840,065
Operating expenses 22 79,467,849 68,944,504
———- ———-
83,136,002 72,921,934
———- ———-
2,348.331  (11,423,492)
Provision for impairment loss 23 (22,362,869)  (1,489,597)
———- ———-
(20,014,538) (12,913,089)
Modaraba company’s management fee  24  –
 ———- ———-
Loss for the year before taxation (20,014,538)  (12,913,089)
Taxation  25  (140,582)  –
 ———-  ———-
Loss for the year after taxation (20,155,120)  (12,913,089)
Other comprehensive income  –
———-  ———-
Total loss after other comprehensive income (20,155,120) (12,913,089)
 ———- ———-
Earnings per certificate – basic and diluted 26  (1.09)  (0.70)

 

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

For more information, contact:
BankIslami Modaraba Investments Limited
10th Floor, Progressive Square,
Opp, Nursery, Sharah-e-Faisal,
Karachi, Pakistan.
Phone: (92-21) 34547521-5
Fax: (92-21) 34547526
Web: www.modarabaalmali.com

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