Island Textile 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 Saturday the September 10, 2011 at 11:15 A.M. at 8, 8th Floor Textile Plaza M.A. Jinnah Road, Karachi recommended the following:

Cash Dividend

A final Cash Dividend for the year ended June 30, 2011 at Rs. 5.00 per share i.e. 50%.

The financial results of the Company for the year ended June 30, 2011 are as following.

 

2011

2010

Rupees

Sales 2,319,040,388 1,750,819,798
Cost of goods sold (1,742,481,456) (1,372,135,928)
————- ————-
Gross profit 576,558,932 378,683,870
Distribution cost (58,593,099) (51,114,296)
Administrative expenses  (28,839,706)  (23,798,770)
Other operating expenses (31,277,544) (17,347,758)
Other operating income 6,960,492 2,129,692
Finance cost (60,713,330) (100,567,701)
Share of profit from associate – net of tax 36,445,019 33,529,904
 ————- ————-
 (136,018,168)  (157,168,929)
 ————- ————-
Profit before taxation 440,540,764 221,514,941
Taxation (17,162,967) (43,079,293)
 ————- ————-
Profit for the year 423,377,797 178,435,648
————- ————-
Earnings per share – basic and diluted 846.76  356.87

 

 

The Annual General Meeting of the Company will be held on Monday the October 10, 2011 at 10:30 A.M.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 1st October 2011.

The Share Transfer books of the Company will be closed from the October 03, 2011 to October 10, 2011 (both days inclusive).  Transfers received at the Noble Computers Services (Pvt.) Ltd., 1st Floor, House of Habib Building (Siddiqsons Tower), 3- Jinnah Cooperative Housing Society, Main Shahrah-e-Faisal Karachi- 75350 at the close of business on October 2011 will be treated in time.

For more information, contact:
Farooq Advani
Director
Island Textile Mills Limited
8, 8th Floor, Textile Plaza,
M.A. Jinnah Road,
Karachi – Pakistan.
Tel: 3242-6761-2-4
Fax: 3241-7710
Email: millitm.@tatatex.com
Web: www.tatatex.com

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