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Azgard Nine 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 on Monday October 10, 2011 at 05:00 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

The Financial Results of the Company are as follows:

AZGARD NINE LIMITED

AZGARD NINE LIMITED

(STAND ALONE)

(CONSOLIDATED)

30-Jun-11

31-Dec-09

30-Jun-11

31-Dec-09

Rupees

Rupees

RUPEES

RUPEES

Sales – net 17,602,765,330 11,779,153,891 29,048,101,839 26,340,569,015
Cost of sales (17,422,552,481) (8,546,363,383) (25,361,794,000) (17,982,857,500)
————– ————– ————– ————–
Gross Profit 180,212,849 3,232,790,508 3,686,307,839 8,357,711,515
Selling and distribution expenses (728,452,647) (364,112,309) (1,264,056,930) (846,887,118)
Administrative and general expenses (699,064,942) (449,909,441) (1,584,213,499) (1,275,067,983)
Net other Income 716,763,584 197,547,696 572,038,744 2,440,011
Operating (loss)/ profit (530,541,156) (2,616,316,454) (1,410,076,154) (6,238,196,425)
Finance cost (3,998,409,630) (2,424,424,504) (6,849,937,041) (4,791,419,130)
Other charges (13,169,055) (7,956,002) (83,716,383)
————- ————– ————– ————–
(Loss)/ Profit before Taxation 4,528,950,786 178,722,895 (5,447,816,889) 1,363,060,912
Taxation (173,289,635) (118,191,583) 1,183,044,338 174,887,661
————– ————– ————– ————–
(Loss)/ Profit after taxation (4,702,240,421) (60,531,362) (4,264,722,551) 1,537,928,573
————- ————– ————– ————–
(Loss)/ Earnings per share – Basic and dilute (10.403) 0.003 (9.441) 3.35

The auditor in there report to the members, without qualifying their opinion, have drawn attention to temporary liquidity problems faced by the Company.

The Annual General Meeting of the Company will be held on Monday October 31, 2011 at 11:00 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
Azgard Nine Limited
Ismail Aiwan-i-Sciencce,
Off Shahrah-i-Roomi,
Lahore – 54600,
Pakistan.
Web: www.azgard9.com

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