Olympia Spinning and Weaving Mills Limited’s financial results for the 2nd quarter ended December 31, 2011

Karachi: It is to inform you that the Board of Directors of Olympia Spinning and Weaving Mills Limited (OLSM) in their meeting held on Wednesday February 29th 2012 at Head Office, E-3 Farzana building, 1st Floor, Block 7and 8, Shaheed-e-Millat Road. Karachi, have approved the accounts of the Company for the 2nd Quarter ended December 31, 2011.

Cash Dividend:         Nil

Bonus Shares           Nil

Right Shares           Nil

Financial results for the 2nd Quarter ended December 31, 2011are as under:

 

Half Year Ended Quarter Ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
Rupees Rupees Rupees Rupees
Sales 982,062,882 2,282,676,246 590,901,151 1,371,793,467
Cost of sales (914,371,350) (2,116,519,136) (511,199,868) (1,237,046,187)
———– ————- ———– ————-
Gross profit 67,691,532 166,157,110 79,701,283 134,747,280
———– ————- ———– ————-
Distribution Cost (8,811,863) (27,234,440) (4,979,994) (19,011,797)
Administrative expenses (31,949,901) (24,114,620) (21,402,070) (14,594,300)
Other operating income 1,200,618 6,124,442 552,421 3,899,116
———– ————- ———– ————-
(39,561,146) (45,224,618) (25,829,643) (29,706,981)
———– ————- ———– ————-
Operating profit 28,130,386 120,932,492 53,871,640 105,040,299
Finance cost (86,216,310) (96,184,146) (45,638,638) (48,097,219)
———– ————- ———– ————-
Profit / (Loss) before taxation (58,085,924) 24,748,346 8,233,002 56,943,080
Taxation:
Current (10,088,537) (20,769,280) (6,176,920) (13,316,250)
———– ————- ———– ————-
Profit / (Loss) after taxation (68,174,461) 3,979,066 2,056,082 43,626,830
———– ————- ———– ————-
Earnings per share-Basic and diluted (Rupees) (5.68) 0.33 0.17 3.64

 

We will be sending you 300 copies of printed accounts for the Half year ended December 31, 2012 for distribution amongst members of the Exchange in due course of time.

For more information, Contact:
Olympia Spinning and Weaving Mills Limited
E-3, Farzana Building, 1st Floor, Block-7 and 8,
Shaheed-e-Millat Road, Karachi-75350, Pakistan.
Phones (PABX’s): 34536235-34522657-34525720-34541690
Fax: (021) 34546263,
Email: info@olympiaspinning.com

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