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Shakarganj Mills Limited’s financial results for the 2nd quarter and six months period ended 31 March 2013

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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
                                               ---------     ---------       ---------     ---------
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

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