Shakarganj Mills Limited’s financial results for the year ended 30 September 2012
Karachi, January 07, 2013 (PPI-OT): We are pleased to inform you that the Board of Directors of Shakarganj Mills Limited (SGML) in their meeting held on 07 January 2013 at Faisalabad have considered and approved the Annual Audited Accounts of Shakarganj Mills Limited for the year ended 30 September 2012 and the Board of Directors recommended the following:
Cash Dividend
Bonus Shares
Right Shares
Any Other Entitlement/Corporate Action
Any Other Price-Sensitive Information
Profit and Loss Account for the Year Ended September 30, 2012
Note | 2012 | 2011 | |
(Rupees in thousand) | |||
| Continuing operations: | |||
| Sales | 28 | 14,762,318 | 13,354,705 |
| Cost of sales | 29 | (13,044,568) | (12,061,782) |
————– | ————– | ||
| Gross profit | 1,717,750 | 1,292,923 | |
| Administrative expenses | 30 | (352,995) | (298,151) |
| Distribution and selling costs | 31 | (337,108) | (245,043) |
| Other operating expenses | 32 | 94,933 | (171,725) |
| Other operating income | 33 | 100,628 | 263,163 |
————– | ————– | ||
| Profit from operations | 1,033,342 | 841,167 | |
| Finance cost | 34 | (729,469) | (945,255) |
| Share of profit from associates | 18.1 | 138,580 | 55,893 |
————– | ————– | ||
| Profit/ (loss) before taxation | 442,453 | (48,195) | |
| Taxation | |||
| – Company | 64,140 | (132,572) | |
| – Associates | (8,117) | (25,737) | |
————– | ————– | ||
35 | 56,023 | (158,309) | |
————– | ————– | ||
| Profit/ (loss) for the year from continuing operations | 498,476 | (206,504) | |
————– | ————– | ||
| Discontinued operations: | |||
| Profit for the year from discontinued operations | 27 | – | 124,981 |
————– | ————– | ||
| Profit/ (loss) for the year | 498,476 | (81,523) | |
————– | ————– | ||
| Basic earnings/ (loss) per share | |||
| – From continuing operations Rupees | 36 | 7.17 | (2.97) |
| – From discontinued operations Rupees | 36 | – | 1.80 |
————– | ————– | ||
| – From profit / (loss) for the year Rupees | 7.17 (1.17) | ||
————– | ————– | ||
| Diluted earnings/ (loss) per share | |||
| – From continuing operations Rupees | 36 | 6.62 | (2.97) |
| – From discontinued operations Rupees | 36 | – | 1.80 |
————– | ————– | ||
| – From profit / (loss) for the year Rupees | 6.62 | (1.17) | |
The financial results of the Company are attached herewith.
The auditors’ report contains the following observation:
We draw attention to note 12 to the financial statements which indicates 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. 51050 million and the equity is completely eroded. This, along with other matters as set forth in note 1.2 indicates the existence of material uncertainty which may cast significant doubt about the companies ability to continue as a going concern. Our opinion is not qualified in respect of this matter.
The Annual General Meeting of the Company will be held on 31 January 2013 at 11:45 a.m. at Qasr-e-Noor, 9-E4, Main Boulevard, Gulberg-III, Lahore. The Share Transfer Books of the Company will be closed from 24 January 2013 to 31 January 2013 (both days inclusive).
Transfers received at the office of Share Registrar of the Company i.e. Corp Tec Associates (Pvt.) Limited 713-G, Mushtaq Ahmad Guman Road, Gulberg-II, Lahore at the close of business on 23 January 2032 will be treated in time for the purpose of attending the Annual General Meeting.
For more information, contact:
Asad Ali
Company Secretary
Shakarganj Mills Limited
12th floor, Sidco Avenue Center,
264-R.A. Lines,
Karachi, Pakistan
Tel: (021) 3568 8149
Fax: (021) 3568 0476
URL: http://www.shakarganj.com.pk