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First Punjab Modaraba’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of Management Company at its meeting held on December 23, 2011 at 5:00 p.m. at the registered office of the company i.e. 233-A, New Muslim Town, Lahore has approved the annual audited accounts of First Punjab Modaraba (FPJM) for the year ended June 30, 2011.

Please note that no dividend was announced for the year.

The financial results of the Modaraba are attached as annexure – I.

The date of Annual Review Meeting of the Modaraba will be communicated shortly.

We will be sending you 300 printed copies for circulation among the members.

First Punjab Modaraba

Profit and Loss Account

For the year ended 30 June 2011

 

2011

2010

Rupees

Rupees

Income
Ijarah rentals 777,268,113 848,945,513
Profit on morabaha investment 48,516,066 61,450,461
Profit on musharikah investment 5,745,294 2,449,189
Gain on disposal of fixed assets  – 8,087,488
Gain on sale of investment 19,023,290
Other income 22,202,801  50,510,017
———– ———–
853,732,274 990,265,988
Expenses
Operating expenses   32,608,221 26,478,455
Depreciation of assets leased out 531,448,540 646,280,559
Loss on disposal of fixed assets 1,425,425
Finance cost 270,990,466 281,184,813
  ———–  ———–
836,472,652 953,943,827
———–  ———–
Operating profit before provision and impairment 17,259,622 36,322,161
Provision for morabaha investment  46,129.988 11,837,043
Provision for impairment of ijarah assets 28,159,152  10,954,473
Provision for musharikah investment 4,537,514 2,617,200
Other provisions   8,014,395 3,101,011
———– ———–
 87,441,649 28,509,727
  ———– ———–
Operating (loss) / prom after provision aHd impairment   (70,182,027) 7,812,434
Modaraha Company’s management fee  – 781,243
———– ———–
(Loss) / profit for the year  (70,182,027) 7,031,191
 ———– ———–
(Loss) / earnings per certificate – basic and diluted  (2.06)  0.21

 

For more information, contact:
Mudassar Kaiser Pal
Company Secretary
First Punjab Modaraba
233-A, New Muslim Town, Lahore,
Pakistan.
Postal Code No. 54600
PABX: (+92-42) 3586 5032-37
Fax: (+92-42) 3586-5038-39
Web: www.punjabmodarab.com.pk

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