Sindh Abadgar’s Sugar Mills Limited’s unaudited financial results for the 3rd quarter ended 30th June, 2011

Sindh Abadgar’s Sugar Mills Limited’s unaudited financial results for the 3rd quarter ended 30th June, 2011

Karachi: We are enclosing herewith a letter under sealed envelope covering Un-audited Financial Results for the 3rd quarter ended 30th June, 2011, as approved by the Board of Directors in its Meeting held on 22nd July, 2011 at 4:00 p.m.

Financial Results for the 3rd Quarter Ended 30th June, 2011

We have to inform you that the Board of Directors of our Company in their meeting held on Friday, 22nd July, 2011 at 4:00 p.m. at its registered office 209, 2nd Floor. Progressive Plaza, Beaumont Road, Karachi, recommended the following.

(i) Cash Dividend:

An Interim Cash Dividend for the 3rd Quarter ended 30th June, 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 %

AND/OR

(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 been 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 Price – Sensitive Information:

The financial results of the Company are as follows:

For Nine Months

For the Quarter

Oct 01, 2010 Oct 01, 2009 Apr 01, 2011 Apr 01, 2010

To

To

To

To

Jun 30, 2011 Jun 30, 2010 Jun 30, 2011 Jun 30, 2010
Rupees Rupees Rupees Rupees
Sale –net 538,513,833 444,345,040 95,440,753 362,712,352
Cost of Goods Sold (445,775,213) (428,870,530) (88,153,170) (349,087,741)
———– ———– ———– ———–
Gross profit 92,738,620 15,474,510 7,287,583 13,624,611
Operating Expenses
Administrative Expenses (48,393,978) (44,376,614) (14,682,822) (14,107,046)
Distribution Expenses (1,952,884) (1,362,944) (262,571) (136,584)
———– ———– ———– ———–
(50,346,862) (45,739,558) (14,945,393) (14,243,630)
———– ———– ———– ———–
42,391,758 (30,265,048) (7,657,810) (619,019)
Profit / (Loss) from Operations
Financial Charges (35,595,334) (40,960,707) (24,411,066) (20,986,829)
Other income 12,804,623 5,291,766 7,829,977 3,838,852
———– ———– ———– ———–
(22,790,711) (35,668,941) (16,581,089) (17,147,977)
———– ———– ———– ———–
Profit / (Loss) before Laxation 19,601,047 (65,933,989) (24,238,899) (17,766,996)
Taxation – Current (20,500,000) (20,500,000)
———– ———– ———– ———–
Loss after Taxation 898,953) (62,933,989) (44,738,899) (17,766,996)
———– ———– ———– ———–
Loss Earnings per share – basic and diluted (0.086) (6.32) (4.29) (1.70)

For more information, contact:
Deoo Mal Essarani
Chairman / Chief Executive
Sindh Abadgar’s Sugar Mills Limited
209, 2nd Floor,
Progressive Plaza,
Beaumont Road,
Karachi-Pakistan
Tel: +9221 35838212-13
Fax: +9221 35538219
Email: sasm@unitedgroup.org.pk

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