Shakarganj Mills Limited’s Financial Results for the Period Ended March 31, 2011
Karachi: We are pleased to inform you that the Board of Directors of Shakarganj Mills Limited (SGML) in their meeting held on May 30, 2011 at Faisalabad have considered and approved the financial results of Shakarganj Mills Limited for the 2nd Quarter and Six Months period ended March 31, 2011 and the Board of Directors recommended the following:
(1) Cash Dividend Nil
(2) Bonus Shares Nil
(3) Right Shares Nil
(4) Any Other Entitlement/Corporate Action Nil
(5) Other Price-Sensitive Information Nil
The financial results of the Company are attached herewith.
Without qualifying their opinion, the auditors have given the following note in their report to the members on review of interim financial information:
“Without qualifying our opinion, we draw attention to note 1, 2 to the financial statements which indicate that the current liabilities of the Company have exceeded its current assets by Rs. 3,429.036 million and the equity stands at a negative balance of Rs. 904.853 million.
These conditions along with other matters as set forth in note 1.2 indicate the existence of material uncertainty which may cast doubt about the company’s ability to continue as a going concern.
These interim financial information does not include any adjustments relating to the realization of the company’s assets and liquidation of any liabilities that may be necessary should the company be unable to, continue as a going concern.”
Condensed Interime Profit and Loss Account for the Quarter and Half Year Ended March 31, 2011 (Un-Audited)
| Quarter ended | Half Year ended | ||||
| March | March | March | March | ||
| 31, 2011 | 31, 2010 | 31, 2011 | 31, 2010 | ||
| (Rupees in thousand) | |||||
| Note | Restated | Restated | |||
| Continuing Operations: | |||||
| Sales | 12.1 | 6,049,470 | 1,717,478 | 7,962,646 | 4,497,334 |
| Cost of Sales | 12.2 | (5,312,592) | (1,850,223) | (7,164,204) | (4,070,149) |
| ———– | ———– | ———– | ———– | ||
| Gross Profit / (Loss) | 736,878 | (132,745) | 798,442 | 427,185 | |
| Administrative expenses | (105,034) | (53,434) | (153,756) | (97,732) | |
| Distribution and selling costs | (78,213) | (41,827) | (87,028) | (54,320) | |
| Other Operating expenses | (20,335) | (116,376) | (20,437) | (142,321) | |
| Other Operating income | 100,663 | 36,813 | 132,618 | 60,499 | |
| ———– | ———– | ———– | ———– | ||
| Profit / (Loss) from operations | 633,959 | (307,569) | 669,839 | 193,310 | |
| Finance cost | (209,682) | (261,203) | (443,847) | (539,463) | |
| Share of income / (loss) from associates | 19,501 | 1,529 | 38,148 | (15,118) | |
| ———– | ———– | ———– | ———– | ||
| Profit / (Loss) before taxation | 443,778 | (567,243) | 264,113 | (361,271) | |
| Taxation | |||||
| -Company | (60,620) | (8,197) | (79,666) | (24,036) | |
| -Associates | (6,271) | (4,823) | (12,311) | (6,263) | |
| ———– | ———– | ———– | ———– | ||
| (66,891) | (13,020) | (91,977) | (30,299) | ||
| ———– | ———– | ———– | ———– | ||
| Profit / (Loss) for the period from continuing | |||||
| operations | 376,887 | (580,263) | 172,136 | (391,570) | |
| ———– | ———– | ———– | ———– | ||
| Discounted Operations: | |||||
| (Loss) / profit for the period from discontinuing operations | (27,086) | (305,021) | 130,970 | (354,851) | |
| ———– | ———– | ———– | ———– | ||
| 349,801 | (885,284) | 303,106 | (746,421) | ||
| Profit / (loss) per share from continuing | |||||
| operations | |||||
| -Basic | 13 Rupees | 5.42 | (8.35) | 2.48 | (5.63) |
| -diluted | 13 Rupees | 5.10 | (8.35) | 2.48 | (5.63) |
| (loss) / Profit per share from discontinued operations | |||||
| basic | 13 Rupees | (0.39) | (4.39) | 1.88 | (5.10) |
| -diluted | 13 Rupees | (0.39) | (4.39) | 1.88 | (5.10) |
For more information, contact:
Asif Ali
Company Secretary
Shakarganj Mills Limited
Management House
Toba Tek Singh Road Jhang Pakistan
Tel: +9247 765 2801-05
FaX: +9247 7652811
E-mail: info@shakarganj.com.pk
Website: www.shakarganj.com.pk