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Olympia Spinning and Weaving Mills Limited’s financial results for the fires quarter ended September 30, 2011

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Karachi: It is to inform you that the Board of Directors of Olympia Spinning and Weaving Mills Limited (OLSM) in their meeting held today at head Office, E-3 Farzana Building, 1st Floor, Block 7 and 8, Shaheed-e-Millat Rood. Karachi have approved the accounts of the Company for the first quarter ended September 30, 2011.

Cash Dividend        Nil
Bonus Shares         Nil
Right Shares         Nil

The financial results of the Company are as follows:






Sales (net)391,161,731910,882,779
Cost of goods sold403,171,482879,472,949
Gross profit (12,009,751)31,409,831
Distribution cost(3,831,869) (8,222,643)
Administrative expenses (10,547,831) (9,520,320)
Other income648,197 2,225,326
 ———– ———–
 (13,731,502) (15,517,637)
 ———– ———–
Operating profit (25,741,253)15,892,194
Finance cost (40,577,672) (35,135,733)
 ———– ———–
Net loss before taxation  (66,318,926) (19,243,539)
Taxation (3,911,611) (7,453,030)
  ———–  ———–
Net loss for the period after taxation (70,230,543)  (26,696,569)
 ———– ———–
Earnings per share (5.85)(2.22)


For more information, contact:
Muhammad Anwer Saigal
Company Secretary
Olympia Spinning and Weaving Mills Limited
E-3, Farzana Building, 1st Floor, Block-7 and 8,
Shaheed-e-Millat Road,
Karachi-75350, Pakistan.
Phones (PABX’s): 34536235-34522657-34525720-34541690
Fax: (021) 34546263


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