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

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by September 22, 2011 Financial Results

Karachi: We have to inform you that the Board of Directors of Royal Management Services (Pvt.) Limited Managers of First Pak Modaraba (PAKMI) in their meeting held on 21-09-2011 at 5:00 pm. At Karachi recommended the following:

(i) Cash Dividend

A final Cash Dividend for the year ended June 30-2011. at Rs.0.40 per share/certificate 4% (four Percent).

Financial Results of the Modaraba are as follows:

 

2011

2010

Rupees

Rupees

Income
Return on term deposit receipts and PLS accounts 4,737,227 2,441,918
Gain on sale of investments 2,210,735  4,587,975
Ijarah rentals 766,840 1,004,040
Dividend income 1,080,969 1,136,599
Other income 35,396 157,685
 ———-  ———-
 8,831,167 9,328,247
Unrealized loss remeasurement of held for trading investments  (189,012) (3,076,073)
Reversal against doubtful receivables-net 11,116,377 5,556,448
———- ———-
19,758,532 11,808,622
Expenditure
Amortization on ijarah assets  (520,823)  (702,011)
Administrative expenses (3,986,535) (3,801,202)
Workers welfare fund (269,580) (143,243)
———-  ———-
(4,776,938)  (4,646,456)
———- ———-
Profit for the year 14,981,594 7,162,166
Modaraba company’s management fee (1,498,159) (766,295)
 ———- ———-
Profit before taxation 13,483,435 6,395,871
Provision for taxation (50,942)  500,784
 ———-  ———-
Profit after taxation 13,432,493  6,896,655
 ———-  ———-
Other Comprehensive income
Surplus on revaluation of available for sale investment  –
 ———-  ———-
Total comprehensive income for the year 13,432,493 6,896,655
  ———-   ———-
Earnings per certificate 1.07  0.55

 

The Annual Review Meeting of the Company will be held on 29-Oct-2011 at 1:00 a.m. at Office No.54, Ground Floor, Beverley Centre, 56-G, Blue Area, Islamabad.

The Share Transfer Books of’ the Company will be closed from 22-10-2011 to 29-10-2011, (both clays inclusive). Transfer received at the M/s Shares & Company Services (Pvt.) Limited, Mehersons Estate, 1st Floor, Block-E, Talpur Road, Karachi – 74000 at the close of business on 21-Oct-2011 will be treated in time for the purpose of above entitlement to the transferees.

For more information, contact:
First Pak Modaraba
Mehersons Estate, 1st Floor, Block-I,
Talpur Road, Karachi -74000
Tel: 021-32429632-4,
Fax: 021-32420015,
E-mail: firstpakmodaraba@hotmail.com

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