HBL First Habib Bank Modaraba’s financial results for the year ended 30.06.2011

Karachi: We are Pleased to inform that the Board of Directors of Habib Bank Financial Service (Pvt.) Limited (HBFSL) the managers of First Habib Bank Modaraba in their meeting held at 22nd Floor, Habib Bank Plaza, Karachi on 20.09.2011 has recommended the following:

1. Cash Dividend

The Final Cash Dividend for the year ending 30.06.2011 @ Rs.1.30 per Certificate i.e. 13%.

2. Bonus Issue        Nil

3. Right Share        Nil

The financial results of the Company are annexed herewith.

The ARM of the company will be held on 19th October 2011at 11.30 a.m.

The share transfer books of the Company will be closed from 11.10.2011 to 18.10.211(both days inclusive).Transfers received at THK Associates (Pvt.) Ltd., Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road Karachi, at the close of business on 10.10.2011 will be treated in time for the purpose of payment of dividend to the transferees.

Profit and Loss Account for the Year Ended June 30, 2011

 

Note 2011 2010

(Rupees)

Operating Income 14 312,871,979 405,583,458
Operating Costs
Depreciation/Impairment on assets given on lease  4 226,807,673  322,928,769
Provision for doubtful lease rentals 1.2 5,987,179 24,892,398
Administrative expenses  15 11,926,282 10,223,475
———– ———–
244,721,134  358,044,642
 ———–  ———–
68,150,845 47,543,816
Other Income 16 11,451,509 8,509,459
———– ———–
79,602,354 56,053,275
Financial charges 17 83,894  6,080,114
 ———– ———–
79,518,460 49,973,161
Modaraba company’s management fee 7,951,846 4,997,316
———–  ———–
Profit for the Year  71,566,614 44,975,845
 ———– ———–
Earning Per Certificate – Bask and diluted 18 1.80  1.13

 

The annexed notes 1 to 25 form an integral part of these financial statements.

For more information, contact:
HBL First Habib Bank Modaraba
07-Habib Bank Annexe,
Hasrat Mohani Road,
Krachi.75650 Pakistan
Ph: 32276819
Fax: 0213227040

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