Crescent Steel and Allied Products Limited’s separate and consolidated audited financial statements for the year ended 30 June 2011

Crescent Steel and Allied Products Limited’s separate and consolidated audited financial statements for the year ended 30 June 2011

Karachi: We have to inform you that the Board of Directors of Crescent Steel and Allied Products Limited (CSAP) in their meeting held on 28 July 2011 at 10:00 a.m. have considered and approved the Separate and Consolidated Financial Statements of the Company for the year ended 30 June 2011, recommended the following:

(i) CASH DIVIDEND:

Final cash dividend of Rs. 1.50 per share (i.e. @ 15%) for the year ended 30 June 2011. This is in addition to first and second interim dividends already paid at Re.1.00 per share (i.e.@ 10% each), making total distribution of Rs. 3.50 per share (i.e.35%) for the year.

(II) BONUS SHARES:     NIL

(III) RIGHT SHARES:     NIL

The Financial Results of the company for the above period are attached herewith as Annexure-A Separate and Annexure B Consolidated Profit and Loss Account.

Crescent Steel and Allied Products Limited

Profit and Loss Account

For the year ended 30 June 2011

2011

2010

(Rupees in `000)

Sales – net 4,402,706 3,704,388
Cost of sales 3,592,487 2,887,295
——— ———
Gross profit 810,219 817,093
Income from investments 188,635 171,621
——— ———
998,854 988,714
——— ———
Distribution and selling expenses 38,806 27,017
Administrative expenses 157,292 159,134
Other operating expenses 68,050 101,420
——— ———
264,148 287,571
——— ———
734,706 701,143
Other operating income 34,376 18,278
——— ———
Operating profit before finance costs 769,082 719,421
Finance costs 143,172 121,908
——— ———
Profit before taxation 625,910 597,513
Taxation 194,121 180,966
——— ———
Profit after taxation 431,789 416,547
——— ———

(Rupees)

Basic and diluted earnings per share 7.65 7.38

Crescent Steel and Allied Products Limited Consolidated Profit and Loss Account For the year ended 30 June 2011

2011 2010

(Rupees in `000)

Sales – net 4,400,006 3,704,388
Cost of sales 3,590,073 2,887,295
——— ———
Gross profit 809,933 817,093
Income from investments 188,635 222,722
——— ———
998,568 1,039,815
——— ———
Distribution and selling expenses 38,806 27,017
Administrative expenses 160,000 160,434
Other operating expenses 60,333 63,496
——— ——–
259,139 250,947
——— ———
739,429 788,868
Other operating income 31,584 37,686
——— ———
Operating profit before finance costs 771,013 826,554
Finance costs 144,001 121,910
Share of profit in equity accounted investees-net of taxation 206,928 11,180
——— ———
Profit before taxation 833,940 715,824
Taxation 194,121 180,966
——– ———
Profit after taxation 639,819 534,858
——— ———

(Rupees)

Basic and diluted earnings per share 11.33 9.47

The dividend will be paid to the shareholders whose names appear in the Register of the Members at the close of business on 08 September 2011.

The share transfer books of the company will remain closed from 09 September 2011 to 15 September 2011 (both days inclusive)). Transfers received at Share Registrar Office of the Company, CorpTec Associates (Pvt) Limited, 7/3-G, Mushtaq Ahmed Gurmani Road, Gulberg-II, Lahore at the close of business on 08 September 2011 will be treated in time for the entitlement of dividend to the transferees.

The Annual General Meeting of the Company will be held at 12:30 p.m. on 15 September 2011 at Qasr-e-Noor, 9 E-2, Main Boulevard, Gulberg-II, Lahore.

For more information, contact:
Muhammad Saad Thaniana
Company Secretary
Crescent Steel and Allied Products Limited
9th Floor, SIDCO Avenue Centre,
284-R.A. Lines,
Karachi – 74200,
Pakistan.
Tel: +9221 3567-4881-5
Fax: +9221 3588-0478
Email: mail@crescent.com.pk

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