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Hafiz Textile Mills Limited’s financial results for the year ended 30-96-2011

Karachi: We have to inform you that the Board of Directors of our company in the meeting held on Thursday 6th October, 2011 at 10:30 a.m., at 97, Alliance Building, 2nd Floor, Moolji Street, Mereweather Tower, Karachi- 74000 recommended the following:

(i) Cash Dividend

A Final Cash dividend for the year ended 30-06-2011 @ Rs. Nil per share i.e. Nil%. This is in addition to Interim Dividend already paid at Rs. Nil per share i.e. Nil %.

And/ Or

(ii) Bonus Issue

It has been recommended by the Board of directors to issue Interim Bonus shares in proportion of Nil shares for every Nil Share held i.e. Nil%. The Bonus shares will be entitled / not entitled for the right shares. This is in addition to the Interim Bonus Shares already issued @ Nil %.

And/ Or

(iii) Right Shares

The Board has also recommended to issue Nil % Right shares at par / at a discount / premium of Rs. Nil per share in proportion of Nil share(s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be / will not be applicable on Bonus Shares as declared above.

And/ Or

(iv) Any Other Entitlement/ Corporate Action:                                       None

(v) Any Other Price-Sensitive Information

 

For The Year

Ended

30-06-2011

For The Year

Ended

30-06-2010

The financial results of the Company are as under: Rs.  Rs.
Sales (Net) Nil Nil
Cost of Goods Sold Nil Nil
Gross profit / (Loss)  Nil Nil
Operating Expense (Administrative and provisions) 4,933,120 4,120,531
Operating Profit / (Loss)  (4,933,120)  (4,120,531)
Financial Expenses 21,662 15,319
Other Income  9,448,237  8,097,993
Prior Years Adjustments Nil Nil
Profit (Loss) before Tax 4,493,455 3,962,143
Workers Participation Fund Nil Nil
Provision for Tax – Current (1,042,874) (591,678)
Deferred Nil Nil
Net Profit for the Year 3,450,581 3,370,465
Accumulated (Loss) Brought Forward (103,726,048) (108,070,720)
Accumulated (Loss) Available (100,275,467) (104,700,255)
Appropriation as under:
Incremental Depreciation Transferred from
Surplus on Revaluation of Fixed Assets 1,123,028 1,138,846
Proposed dividend for the period ended 30-06-2010 @ Rs. Nil per
share (2009: @ Rs 0.75 per share)  (9000,000)
Less: Dividend waived by Directors and their family members 735,361
———- ———–
Dividend Payable to monority shareholders  (164,639)
 ———-  ———–
Inappropriate (Loss) Carried Forward  (99,152,439)  (103,726,048)
———-  ———–
Earning per share  2.88  2.81

 

The Annual General Meeting of the Company will be held on 28th October, 2011 at 8:30 am. at 97, Alliance Building, 2nd Floor, Moolji Street, Mereweather Tower, Karachi-74000.

The above entitlement will be paid to the shareholder whose names will appear ii the Register of Members 21-10-2011.

The Share Transfer Books of the Company will be closed from 22-10-2011 to 31-10-2011 both days inclusive). Transfers received at the 97, Alliance Building 2nd Floor. Moolji Street, M.W. Towers Karachi-74000 at the close of business on 21-10-2011 will be treated in time for the purpose of above entitlement to the transferees.

For more information, contact:
Quamruddin Usmani
Director
Hafiz Textile Mills Limited
Registered Office No. 97, Alliance Building,
Opp. Mereweather Tower,
Mooli Street, Karachi-74000
Tel: 2440371-2432896
Fax: +92-21-2440372
Email: html1951@hotmail.com

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