Sindh Abadgar’s Sugar Mills Limited’s Financial Results for the Half Year Ended 31st March 2011
Karachi: We are enclosing herewith a letter under sealed envelope covering Financial Results for half year ended 31st March, 2011 as approved by the board of Directors at its meeting held on 20th May, 2011 at 4:00 pm.
We have to inform you that the Board of Directors of our Company in their meeting held on Friday, the 20th May 2011 at 4:00 p.m. at its registered office 209, 2nd Floor. Progressive Plaza Beaumonl Road Karachi, recommended, the following:
(i) Cash Dividend
An Interim Cash Dividend for the period ended 31st March, 2011 at Rs.-Nil- per share i.e. -Nil-%. This is in addition to interim Dividend(s) already paid at Rs.-Nil- per share i.e. -Nil-%.
(ii) Bonus Shares
It has been recommended by the Board of Directors to issue Interim Bonus Shares in proportion of -Nil- share(s) for every –Nil- share(s) held i.e. -Nil-% This is in addition to the Interim Bonus Shares already issued @ -Nil-%.
AND/OR
(iii) Right Shares
The Board has recommended to issue -Nil-% Right Shares at par/at a discount premium of Rs. -Nil- per share in proportion of -Nil- share(s) for every -Nil, share(s). The entitlement of right shares being declared simultaneously will be / will not be applicable on Bonus Shares as declared above.
AND/OR
(iv) Any Other Entitlement / Corporate Action
AND/OR
(v) Any Other pries-Sensitive Information
The financial results of the Company are as follows:
| For The Half Year Ended | For The Quarter Ended | |||
| March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |
| Rupees | ||||
| Sales – net | 443,073,080 | 81,632,688 | 376,116,382 | 57,740,427 |
| Cost of goods sold | (357,622,043) | (79,782,789) | (283,139,814) | (58,176,594) |
| ———– | ———– | ———– | ———– | |
| Gross Profit (Loss) | 85,451,037 | 1,849,899 | 92,976,568 | (436,167) |
| ———– | ———– | ———– | ———– | |
| Operating Expenses | ||||
| Administrative expenses | (33,711,156) | (30,269,568) | (21,121,341) | (17,790,693) |
| Selling and distribution cost | (1,690,313) | (1,226,360) | (1,237,192) | (952,404) |
| ———– | ———– | ———– | ———– | |
| (35,401,469) | (31,495,928) | (22,358,533) | (18,743,097) | |
| ———– | ———– | ———– | ———– | |
| Operating Profit/ (Loss) | 50,049,568 | (29,646,029) | 70,618,035 | (19,179,264) |
| Finance cost | (11,184,268) | (19,973,878) | (7,182,451) | (14,643,960) |
| Other income | 4,974,646 | 1,452,914 | 3,353,866 | 771,823 |
| ———– | ———– | ———– | ———– | |
| (6,209,622) | (18,520,964) | (3,828,585) | (13,872,137) | |
| Profit / (Loss) before taxation | 43,839,946 | (48,166,993) | 66,789,450 | (33,051,401) |
| Taxation – current | (22,625,742) | (895,663) | (22,625,742) | – |
| ———– | ———– | ———– | ———– | |
| Profit / (Loss) after Taxation | 21,214,204 | (49,062,656) | 44,163,708 | (33,051,401) |
| ———– | ———– | ———– | ———– | |
| Profit/(Loss) per share – basic and diluted | 2.03 | (4.71) | 4.24 | (3.17) |
| ———– | ———– | ———– | ———– | |
For more information, contact:
Deoo Mal Essarani
Chairman/Chief Executive
Sindh Abadgar’s Sugar Mills Limited
209, 2nd floor, Progressive Plaza,
Beaumonl Road, Karachi-Pakistan.
Tel: +9221 35638212-13
Fax: +9221 35638219
E-mail sasm@unitedgroup.org.pk