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Saritow Spinning Mills Limited’s financial results for the year ended 30 June 2011

Karachi: We have to inform you that this Board of Directors of Saritow Spinning Mills Limited (SSML) in, their Meeting held on Saturday, October 31, 2011 at 4:00 P.M.at 17-.Aziz Avenue. Canal Bank, Gulberg-V, Lahore, the Registered office of the Company have approved the accounts for the year ended June 30, 2011 has passed over the dividend.

The Financial Results of the Company are as follows:

 

For the Year

For the Year

Ended June 30

Ended June 30

2011

2010

(Rupees)

Sales-Net 982,272,196  716,580,537
Cost of Sales 866,854,902 587,251,045
———– ———–
Gross Profit 115,417,894 129,329,492
Selling @ Distribution Expenses  1,449,861  1,106,924
Administration and General Expenses  23,696,048 19,732,033
———–  ———–
25,145,909 20,838,957
Net Other Income 334,428  313,027
  ———–  ———–
Operating Profit   90,606,413  108,803,562
Finance Cost   41,385,298   39,640,454
Other Charges  3,432,176  4,814,294
———–  ———–
Profit / (Loss) before Taxation   45,788,939  64,348,814
Taxation  (24,052,463) (16,201,883)
  ———–  ———–
Profit/ (Loss) after Taxation 21,736,476  48,146,931
 ———– ———–
Earning per share – basic and diluted 1.64 3.63

 

Financial Results for the 1st Quarter Ended September 30, 2011.

 

The Board of Directors of Saritow Spinning Mills Limited in their meeting held at 04:00 P.M on Saturday October31, 2011 at 17-Aziz Avenue, Canal Bank, Gulberg-V, Lahore the Registered Office of the Company have approved the following Un-Audited Financia1 Results of the Company for the 1st Quarter ended September 30, 2011.

 

(Unaudited)

Quarter

Quarter

Sep 30, 2011

Sep 30, 2010

Rupees

Sales 252,729,848 198,683,859
Cost of Sales 245,022,650 165,456,696
———– ———–
Gross Profit 7,707,198  33,227,163
Other Operating Income 75,000  75,000
Distribution and Selling Cost 163,291  244,555
Administrative Expenses 5,478,249 4,891,161
Other Operating Expenses   –
Financial Cost 7,758,218 5,952,714
 ———–  ———–
13,399,758 11,088,430
———–  ———–
Profit/ (Loss) before Taxation  (5,617,560)  22,213,733
Provision for Taxation  (2,527,298) (1,986,839)
 ———–  ———–
Profit/ (Loss) after Taxation  (8,144,858) 20,226,894
 ———–  ———–
Earning per Share (0.61) 1.52

 

For more information, contact;
Saritow Spinning Mills Limited
17 – Aziz Avenue,
Canal Bank, Gulberg – V,
Lahore, Pakistan.
Ph: 042-35715029-31
Fax: 042-35715015
E-mail: azamsaritow@saigols.com

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