KASB Modaraba’s financial results for the year ended June 30, 2011

KASB Modaraba’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting hold on August 29, 2011 at 08:00 p.m. at Plot No. 24-C, Shahbaz Commercial Lane-2, Phase VI, DHA, Karachi, recommended the following:

(1) Cash Dividend

A Cash Dividend for the year ended June 30, 2011 at Rs. 0.64 per share i.e. 6.4%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share i.e. Nil%.

(2) 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

(3) 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.

Profit And Loss Account for the Year Ended 30 June 2011

 

Note 2011  2010

(Rupees)

Income from leasing operations 28 11,344,091  15,869,614
Income from service ijarah  – 5,000,000
Profit on:
– musharaka finance 8,375,250 11,142,665
– murabaha finance  73,575,017 32,231,553
– modaraba finance 13,195,593 1,908,404
– diminishing musharaka finance 38,862,735 10,175,831
– sukuk bonds  2,889,780 2,628,790
– bank deposits  11,893,342  8,765,437
Gain on sale of investments – net 29 869,978  796,228
Loss on dairy farming business activities  –  (933,413)
Reversals of Musharaka and Ijarah losses 75,000  60,000
 ———– ———-
 161,080,786 87,845,109
Financial charges 30 (89,143,307) (45,839,712)
 ———– ———-
71,937,479  41,805,397
Other income 31 6,762,593 2,085,275
Administrative and operating expenses 32  (34,101,681)   (24,895,461)
 ———– ———-
44,598,391 18,995,211
Modaraba management company’s fee 33 (4,459,839)  (1,899,521)
 ———– ———-
Profit before taxation 40,138,552 17,095,690
Taxation 17  –
———–  ———-
Net profit for the year 40,138,552 17,095,690
———– ———-
Earnings per certificate  34  1.42  0.60

 

And/ Or

(4) Any Other Price-Sensitive Information

The financial results of the company are as follows:

(See enclosed profit and loss account.)

 

For more information, contact:
Faiqa Naz
Company Secretary
KASB Modaraba
DHA Branch: 80-C,
24th Commercial Street,
Off Khayaban-e-Ittehad,
Phase II, Ext, D.H.A, Karachi.
PABX: 021-35313939-43,
Fax: 021-35313933

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