Fazal Cloth Mills Limited’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 held on 05th day of October 2011 at 10:30 a.m. which concluded on 6th October 2011, at 129/1 old Bahawalpur Road, Multan recommended the following:

(i) Cash Dividend

A final Cash Dividend for the year ended 30th June 2011 at the rate of Rs. Nil per share i.e. Nil % (2010: Nil).

Specie Dividend @ 50% i.e. 9,377,597 quoted shares of Fatima Fertilizer Company Limited having face value of Rs. 10/- each to the shareholders of the Company in the ratio of 5:10 (Five shares of Fatima Fertilizer Company Limited for every Ten ordinary shares held of M/s, Fazal Cloth Mills Limited (FZCM).

And/ Or

(ii) Bonus Shares

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of’ 2.05 shares for every 10 ordinary shares held i.e. 20.50% (2010: Nil%). These new shares shall rank pari passu in all respects with the existing ordinary shares of the Company.

And/ Or

(iii) Right Shares

The board has is recommended to issue Nil % Right Shares at par/at a discount/premium of Rs. Nil per share.

The financial results of the Company are as follows:

 

Year Ended

Year Ended

June 30, 2011

June 30, 2010

(Rs)

(Rs)

Sales – Net 18,933,932,261 11,210,976,902
Cost of sales (16,908,218,085)  (9,638,169,018)
————– ————–
Gross Profit 2,025,714,176 1,572,807,384
Distribution cost (257,635,438) (187,079,499)
Administrative expenses (131,191,187)  (111,252,565)
Other operating expenses  (85,331,014) (60,379,001)
Finance cost (816,526,361) (620,919,936)
 ————–  ————–
735,030,176 593,156,883
Other Operating Income 315,429,703 136,100,281
————– ————–
Profit before taxation 1,050,459,879 729,257,164
Provision for taxation  (225,874,092) (202,549,291)
————– ————–
Profit after Taxation 824,585,787 526,707,873
Other comprehensive Income net of tax  –  –
————–  ————–
Total Comprehensive Income for the year

net of tax

824,585,787  526,707,873
————–  ————–
Earnings per share Basic 43.97 28.08
Diluted 23.72 12.91

 

The Annual General Meeting of the Company will be held on 31st day of’ October 2011 at 11.00 a.m. at 129/1 Old Bahawalpur Road, Multan.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 25th October 2011. The Share Transfer Books of the Company will be closed from 26th October 2011 to 03rd November 2011 (both days inclusive). Transfers received with our Share Registrar Vision Consulting Limited, 3-C. LDA Flats. Lawrence Road. Lahore, or at Head Office/Share Department i.e. 129/1 Old Bahawalpur Road, Multan at the close of business on 25th October 2011 will be treated in time for the purpose of above entitlement to the transferees.

For more information, contact:
Fazal Cloth Mills Limited
129-1, Old Bahawalpur Road Multan. (Pakistan)
Ph: 0092-61-4587632
Fax: 0092-61-4541832
Email: qamar@fazalcloth.com

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