Pace (Pakistan) Limited’s financial results for the year ended 30 June 2011

September 30, 2011   Financial Results   No comments

Karachi: We have to inform you that the Board of Directors of Pace (Pakistan) Limited (PACE) (“the Company”) in their meeting held on 30 September 2011 at 3:00 p.m. at Lahore have recommended the followings:

 

Bonus Shares Nil
Cash Dividend Nil
Right Issue Nil

 

Financial results:

The financial results of the Company are as under:

Profit and Loss Account for the year ended 30 June 2011

 

2011

2010

(Rupees in thousand)
Sales 371,122 1,649,336
Less: Sales return (847,527) –
——— ———
(476,405) 1,649,336
Cost of Sales 74,393 (1,458,397)
 ——— ———
Gross (loss) / profit (402,012) 190,939
Administrative and selling expenses (263,630) (143,379)
Other operating income 40,674 179,063
Other operating expenses  (236,479) (22,314)
——— ———
(Loss) / Profit from operations (861,447) 204,309
Finance costs  (484,957)  (211,210)
Changes in fair value of investment property (788,158) 709,824
 ——— ———
(Loss) / Profit before tax  (2,134,562)  709,923
Taxation 54,001 (9,759)
 ——— ———
(Loss) / Profit for the year (2,080,561) 633,164
Other comprehensive income (loss) / income
Changes in the fair value of available for sale investments (102)  1
———  ———
Total comprehensive (loss)/ income for the year (2,080,663) 633,165
 ——— ———
basic (loss) / earnings per share Rupees  (7.46) 2.37
 ———  ———
diluted (loss) / earnings per share Rupees  (7.46)  2.05

 

Further, the Board of Directors of the Company has decided to convene the Annual General Meeting (“AGM”) of the Company on Saturday, 29 October 2011 at 11:00 a.m. at the Registered Office of the Company 103-C/11, Gulberg-III, Lahore.

The Share Transfer Books of the Company will remain closed from 22 October 2011 to 29 October 2011 (both days inclusive). Transfers received at THK Associates (Pvt.) Limited, Ground Floor, State Life Building No.3, Dr. Ziauddin Ahmad Road, Karachi, the Registrar and Share Transfer Office of the Company at the close of the business on 21 October 2011 will be treated in time.

Further please note that Mr. Shahzad Jawahar has been appointed as Company Secretary in place of Mr. Ahmed Bilal.

Appointment of Company Secretary

We have to inform you that Mr. Shahzad Jawahar has been appointed as Company Secretary of Pace (Pakistan) Limited in place of Mr. Ahmad Bilal w.e.f. 30 September 2011.

For more information, contact:
Abdul Sattar
DGM Corporate Affairs
Pace (Pakistan) Limited
103-C/II, Gulberg-III,
Lahore-Pakistan
UAN: 92-42-111-111-603
PABX: (92 42) 35757591-94
Fax: (92 42) 35757590

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