Mian Textile Industries Limited’s financial results for the period ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held at 10:30 a.m. on Tuesday, October 04, 2011 recommended the following:

 

1) Cash Dividend            Nil

2) Bonus Shares             Nil

3) Right Snares             Nil

4) Any Other Entitlement    Nil

 

The financial results of the Company are enclosed as per annexure “A”

The share transfer books of the Company will remain closed from October 22, 2011 to October 31, 2011 (both days inclusive) Transfer received at the Registered Office of the Company up to the close of business on October 21, 2011 will be time to effect the voting rights at the Annual General Meeting.

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

 

Note

2011

2010

Rupees

Rupees

Sales 26 151,052,729 268,913,418
Cost of sales 27 152,911,393  258,532,652
 ———–  ———–
Gross profit / (loss) (1,858,664) 10,380,766
Operating expenses
Distribution cost 28 2,673,502 2,616,402
Administrative expenses 29 11,939,605 12,279,775
 ———– ———–
 14,613,107  14,896,177
———– ———–
Operating loss (16,471,771)  (4,515,411)
Other operating charges 30 35,836  5,533
Other income 31  – (294,549)
Finance cost 32 19,494,681  31,844,247
 ———– ———–
Loss before taxation  (36,002,288)  (36,070,642)
Provision for taxation 33 1,599,056 1,375,091
———– ———–
Loss for the year after taxation  (37,601,344) (37,445,733)
———–  ———–
Loss per share basic and diluted 34 (1.70) (1.69)

 

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

For more information, contact:
Mian Waheed Ahmed
Director
Mian Textile Industries Limited
H.O. 29-B/7, Model Town,
Lahore, Pakistan,
Ph: 35831804-5
Fax: (042) 35830844
E-mail: info@miantextile.com
Web: www.miantextile.com

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