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Agritech 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 Monday October 10, 2011 at 03:00 P.M. at the Registered Office of the Company Aiwan-i-Science Off Shahrah-i-Roomi, Lahore recommend the following:

(i) Cash Dividend   Nil

(ii) Bonus Shares   Nil

(iii) Right Shares  Nil

AGRITECH LIMITED AGRITECH LIMITED
(STAND ALONE) (CONSOLIDATED)
30-Jun-11 30-Jun-10 30-Jun-11 31-Dec-10
Rupees Rupees RUPEES RUPEES
Sales – net 3,693,276,506 11,498,673,160 5,149,162,239 (12,854,550,981)
Cost of sales (2,492,745,111) (8,451,538,320) (3,705,748,057) (9,696,606,178)
————- ————- ————- ————-
Gross Profit 1,200,531,395 3,047,134,840 1,443,414,182 3,157,944,803
Selling and distribution expenses (236,694,170) (324,409,438) (244,511,967) (383,343,080)
Administrative and general expenses (237,491,518) (209,452,417) (282,934,827) (259,049,734)
————- ————- ————- ————-
Operating profit 726,345,707 2,513,272,985 915,967,388 2,515,551,989
Finance cost (1,945,608,712) (2,427,782,709) (1,947,010,895) (2,429,031,281)
Net other income 39,010,251 172,808,272 34,150,752 181,438,368
————- ————- ————- ————-
(Loss)/ Profit before Taxation (1,180,252,754) 258,298,548 (996,892,755) 267,959,076
Taxation 885,031,162 594,950,016 1,047,489,763 617,691,510
————- ————- ————- ————-
(Loss)/ Profit after taxation (295,221,592) 853,248,564 50,597,008 885,650,586
————- ————- ————- ————-
 (Loss)/ Earnings per share – Basic and dilute (0.75) 2.17 0.13 2.26

The auditors in their report to members have, without qualifying their opnion, drawn attention to liquidity problems faced by the Company and resulting overdue debt instruments and interest/ markup thereon. The auditors have also emphasized in their report that the Company has mitigated the risk arising out of these temporary/ liquidity problems through restructuring of debt finances, including regularization/ settlement of overdue interest/ markup.

The Annual General Meeting of the Company will be held on Monday October 31, 2011 at 10:00 A.M. at Aiwan-i-Science Off Shahrah-i-Roomi, Lahore.

The Share Transfer Books of the Company will be closed from October 25, 2011 to October 31, 2011 (both days inclusive). Transfers received at the Registered Office of the Company Aiwan-i-Science Off Shahrah-i-Roomi, Lahore at the close of business on October 24, 2011 will be treated in time.

For more information, contact:
Muhammad Ijaz Haider
Company Secretary
Agritech Limited
Ismail Aiwan-e-Science Building,
Main Ferozpur Road,
Lahore, Pakistan.
Ph: (92) (42) 111-786-645
Fax: (92) (42) 35751841

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