|
CONSOLIDATED BALANCE
SHEET [Un-audited] |
||||||||||||
|
AS AT |
||||||||||||
|
|
|
|
Un-audited |
|
Audited |
|
|
|
|
Un-audited |
|
Audited |
|
|
|
|
Sept 30, |
|
June 30, |
|
|
|
|
Sept 30, |
|
June 30, |
|
|
|
|
2007 |
|
2007 |
|
|
|
|
2007 |
|
2007 |
|
|
|
Note |
(Rupees '000) |
|
|
|
Note |
(Rupees '000) |
||||
|
SHARE CAPITAL AND
RESERVES |
|
|
|
|
|
NON CURRENT ASSETS |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
Share capital |
3 |
43,009,284
|
|
43,009,284
|
|
|
Property, plant and equipment |
7 |
21,602,633
|
|
21,810,882
|
|
|
|
|
|
|
|
|
|
Development and production
assets-intangible |
8 |
29,937,875
|
|
29,311,570
|
|
|
Capital reserve |
4 |
3,348,082 |
|
3,274,228 |
|
|
Exploration and evaluation assets |
9 |
7,181,658 |
|
6,365,706 |
|
|
|
|
|
|
|
|
|
|
|
58,722,166
|
|
57,488,158
|
|
|
Unappropriated profit |
|
57,924,921
|
|
60,652,540 |
|
|
Long term investments |
10 |
2,774,254 |
|
2,610,267 |
|
|
|
|
104,282,287 |
|
106,936,052 |
|
|
Long term loans and
receivables |
|
1,615,170 |
|
1,685,589 |
|
|
|
|
|
|
|
|
|
Long term prepayments |
|
62,700 |
|
39,821 |
|
|
|
|
|
|
|
|
|
|
|
63,174,290 |
|
61,823,835 |
|
NON CURRENT LIABILITIES |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Stores, spare parts and
loose tools |
|
13,892,430
|
|
13,605,051
|
|
|
Deferred taxation |
|
12,221,490
|
|
11,078,919
|
|
|
Stock in trade |
|
160,746 |
|
93,788
|
|
|
Deferred employee benefits |
|
1,403,938 |
|
1,423,132 |
|
|
Trade debts |
11 |
29,938,437
|
|
28,018,145
|
|
|
Provision for
decommissioning cost |
|
6,244,396 |
|
6,049,620 |
|
|
Loans and advances |
|
1,720,852 |
|
1,540,689 |
|
|
|
|
19,869,824 |
|
18,551,671 |
|
|
Deposits and short term
prepayments |
|
277,217 |
|
293,130 |
|
|
|
|
|
|
|
|
|
Interest accrued |
|
292,734 |
|
318,444 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Other receivables |
|
731,324 |
|
1,335,255 |
|
|
|
Trade and other payables |
5 |
25,574,701
|
|
11,259,069
|
|
|
Advance tax |
|
6,713,637 |
|
5,700,810 |
|
|
|
|
45,444,525 |
|
29,810,740 |
|
|
Other financial assets |
|
22,078,425 |
|
19,153,959 |
|
|
|
|
|
|
|
|
|
Cash and bank balances |
|
10,746,720
|
|
4,863,686 |
|
|
|
|
|
|
|
|
|
|
|
86,552,522 |
|
74,922,957 |
|
CONTINGENCIES AND
COMMITMENTS |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149,726,812 |
|
136,746,792 |
|
|
|
|
149,726,812 |
|
136,746,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The annexed notes from 1 to
19 form an integral part of these financial statements. |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
|
|
|
|
|
|
Director |
|
|
|
|
|
|
|
|
CONSOLIDATED PROFIT AND
LOSS ACCOUNT [Un-audited] |
|
|
||
|
FOR THE QUARTER ENDED |
|
|
|
|
|
|
|
Quarter ended
September 30, |
||
|
|
|
2007 |
|
2006 |
|
|
Note |
(Rupees '000)
|
||
|
|
|
|
|
|
|
Sales - net |
12 |
27,926,861
|
|
25,321,637
|
|
|
|
|
|
|
|
Royalty |
|
(4,085,921) |
|
(2,843,179) |
|
Operating expenses |
13 |
(3,942,423) |
|
(3,442,656) |
|
Transportation charges |
|
(302,362) |
|
(261,164) |
|
|
|
(8,330,706) |
|
(6,546,999) |
|
Gross profit |
|
19,596,155 |
|
18,774,638
|
|
|
|
|
|
|
|
Other income |
|
793,866 |
|
1,257,780 |
|
Exploration and prospecting
expenditure |
|
(1,728,087) |
|
(1,565,887) |
|
General and administration
expenses |
|
(314,820) |
|
(216,464) |
|
Finance costs |
|
(159,202) |
|
(129,113) |
|
Workers' profit
participation fund |
|
(909,770) |
|
(919,043) |
|
Share of profit in
associated company |
|
7,871 |
|
12,802 |
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION |
|
17,286,013
|
|
17,214,713
|
|
Taxation |
|
(4,886,529) |
|
(5,178,021) |
|
PROFIT FOR THE QUARTER |
|
12,399,484
|
|
12,036,692
|
|
|
|
|
|
|
|
Earnings per share - basic
and diluted (Rupees) |
14 |
2.88 |
|
2.80 |
|
|
|
|
|
|
|
The annexed notes from 1 to
19 form an integral part of these financial statements. |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
Director |
|
|
|
|
|
||
|
CONSOLIDATED CASH FLOW
STATEMENT [Un-audited] |
|
|
|
|
|
|
FOR THE QUARTER ENDED |
|
|
|
|
|
|
|
|
|
Quarter ended
September 30, |
||
|
|
|
|
2007 |
|
2006 |
|
|
|
|
(Rupees '000)
|
||
|
Cash flows from
operating activities |
|
|
|
|
|
|
Profit before taxation |
|
17,286,013 |
|
17,214,713 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation |
|
743,856
|
|
627,749
|
|
|
Amortization of development
and production assets |
|
1,003,598 |
|
800,746 |
|
|
Royalty |
|
4,085,921 |
|
2,843,179 |
|
|
Workers' profit
participation fund |
|
909,770
|
|
919,043
|
|
|
Provision for employee
benefits |
|
94,859 |
|
106,631
|
|
|
Unwinding of discount on
provision for decommissioning cost |
|
157,589
|
|
128,390
|
|
|
Interest income |
|
(700,014) |
|
(1,155,692) |
|
|
Unrealized gain on
investments at fair value through profit or loss |
|
28,604 |
|
7,037 |
|
|
Dividend income |
|
(35,632) |
|
(26,334) |
|
|
Gain on disposal of
property, plant and equipment |
|
(303) |
|
- |
|
|
Interest income on long
term receivables |
|
(16,495) |
|
(36,019) |
|
|
Share of profit in
associated company |
|
(7,871) |
|
(12,802) |
|
|
|
|
23,549,895 |
|
21,416,641 |
|
Working capital changes |
|
|
|
|
|
|
(Increase)/decrease in current assets |
|
|
|
|
|
|
|
Stores, spare parts and
loose tools |
|
(287,379) |
|
(2,117,078) |
|
|
Stock in trade |
|
(66,958) |
|
4,587 |
|
|
Trade debts |
|
(1,920,292) |
|
(3,909,376) |
|
|
Deposits and short term
prepayments |
|
15,913 |
|
36,718 |
|
|
Advances and other
receivables |
|
208,218 |
|
461,173 |
|
Increase/(decrease) in current liabilities: |
|
|
|
|
|
|
|
Trade and other payables |
|
4,703 |
|
902,518
|
|
Cash generated from
operations |
|
21,504,100 |
|
16,795,183 |
|
|
|
|
|
|
|
|
|
|
Royalty paid |
|
(3,358,260) |
|
(2,469,322) |
|
|
Employee benefits paid |
|
(114,053) |
|
(50,026) |
|
|
Received from workers'
profit participation fund |
|
16,000 |
|
31,949 |
|
|
Income taxes paid |
|
(4,756,785) |
|
(3,324,203) |
|
|
|
|
(8,213,098) |
|
(5,811,602) |
|
|
Net cash from operating
activities |
|
13,291,002 |
|
10,983,581 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
Fixed capital expenditure |
|
(2,945,436) |
|
(3,379,136) |
|
|
Interest received |
|
755,335 |
|
736,422
|
|
|
Dividend received |
|
43,114 |
|
33,684 |
|
|
Purchase of investments |
|
(200,000) |
|
(20,000) |
|
|
Proceeds from encashment of
investments |
|
6,791 |
|
10,639 |
|
|
Proceeds from disposal of
property, plant and equipment |
|
1,464 |
|
1 |
|
|
Long term prepayments |
|
(22,879) |
|
15,635 |
|
|
|
|
(2,361,611) |
|
(2,602,755) |
|
|
|
|
|
|
|
|
Cash flow from financing
activities |
|
|
|
|
|
|
|
Dividend paid |
|
(2,093,287) |
|
(15,815,282) |
|
Net cash used in financing activities |
|
(2,093,287) |
|
(15,815,282) |
|
|
|
|
|
|
|
|
|
Net increase/(decrease)
in cash and cash equivalents |
|
8,836,104 |
|
(7,434,456) |
|
|
Cash and cash
equivalents at beginning of the quarter |
|
23,737,736 |
|
37,394,351 |
|
|
Cash and cash
equivalents at end of the quarter |
|
32,573,840 |
|
29,959,895 |
|
|
|
|
|
|
|
|
|
The annexed notes from 1 to
19 form an integral part of these financial statements. |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
Director |
|
|
|
|
||||||||
|
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY [Un-audited] |
|
|
|||||||
|
FOR THE QUARTER ENDED |
|
|
|||||||
|
|
Share capital |
|
Capital reserve |
|
Unappropriated |
|
Total |
||
|
|
|
Bonus shares |
|
Specific |
|
profit |
|
equity |
|
|
|
(Rupees '000) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
43,009,284 |
|
836,000
|
|
2,219,027 |
|
55,400,544 |
|
101,464,855 |
|
Final dividend 2006: Rs
3.75 per share |
- |
|
- |
|
- |
|
(16,128,482) |
|
(16,128,482) |
|
Transfer to capital reserve
|
- |
|
- |
|
55,943 |
|
(55,943) |
|
- |
|
Profit for the quarter
ended |
- |
|
- |
|
- |
|
12,036,692 |
|
12,036,692 |
|
Balance as at |
43,009,284 |
|
836,000
|
|
2,274,970 |
|
51,252,811 |
|
97,373,065 |
|
First interim dividend 2007:
Rs 1.75 per share |
- |
|
- |
|
- |
|
(7,526,625) |
|
(7,526,625) |
|
Second interim dividend
2007: Rs 1.75 per share |
- |
|
- |
|
- |
|
(7,526,625) |
|
(7,526,625) |
|
Third interim dividend
2007: Rs 2.00 per share |
- |
|
- |
|
- |
|
(8,601,857) |
|
(8,601,857) |
|
Transfer to captial reserve |
- |
|
- |
|
163,258 |
|
(163,258) |
|
- |
|
Profit for nine months
ended |
- |
|
- |
|
- |
|
33,218,094 |
|
33,218,094 |
|
Balance as at |
43,009,284 |
|
836,000
|
|
2,438,228 |
|
60,652,540 |
|
106,936,052 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at |
43,009,284 |
|
836,000
|
|
2,438,228 |
|
60,652,540 |
|
106,936,052 |
|
Final dividend 2007: Rs
3.50 per share |
- |
|
- |
|
- |
|
(15,053,249) |
|
(15,053,249) |
|
Transfer to capital reserve
|
- |
|
- |
|
73,854 |
|
(73,854) |
|
- |
|
Profit for the quarter
ended |
- |
|
- |
|
- |
|
12,399,484 |
|
12,399,484 |
|
Balance as at |
43,009,284 |
|
836,000
|
|
2,512,082 |
|
57,924,921 |
|
104,282,287 |
|
|
|
|
|
|
|
|
|
|
|
|
The annexed notes from 1 to
19 form an integral part of these financial statements. |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
|
|
|
|
Director |