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Shakarganj Mills Limited’s financial results for the year ended 30 September 2012

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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

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