|
|
|
|
||||||
|
CONDENSED INTERIM
BALANCE SHEET [UNAUDITED] |
|
|
|
|||||
|
AS AT |
|
|
|
|||||
|
|
N o t e |
Unaudited |
Audited |
|
|
N o t e |
Unaudited |
Audited |
|
|
31 March |
30 June |
|
|
31 March |
30 June |
||
|
|
2008 |
2007 |
|
|
2008 |
2007 |
||
|
|
(Rupees '000) |
|
|
(Rupees '000) |
||||
|
SHARE CAPITAL AND
RESERVES |
|
|
|
|
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
Share capital |
|
43,009,284 |
43,009,284 |
|
Property, plant and equipment |
5 |
22,554,712 |
21,600,201 |
|
|
|
|
|
|
Development
and production assets - intangible |
6 |
32,526,330
|
28,749,993 |
|
Capital reserve |
|
2,616,044 |
2,438,228
|
|
Exploration and evaluation assets |
7 |
6,681,277 |
6,365,706 |
|
|
|
|
|
|
|
|
61,762,319 |
56,715,900 |
|
Unappropriated profit |
|
60,055,228 |
55,169,140 |
|
Long term investments |
|
2,915,903 |
2,945,938 |
|
|
|
105,680,556 |
100,616,652 |
|
Long term loans and
receivables |
|
992,593 |
1,117,755 |
|
|
|
|
|
|
Long term prepayments |
|
207,680 |
39,821 |
|
|
|
|
|
|
|
|
65,878,495 |
60,819,414 |
|
NON CURRENT LIABILITIES |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Deferred taxation |
|
14,654,728 |
11,023,916
|
|
Stores, spare parts and
loose tools |
|
15,738,896 |
13,178,295 |
|
Deferred employee benefits |
|
1,295,866 |
1,423,132 |
|
Stock in trade |
|
107,068
|
93,788 |
|
Provision for
decommissioning cost |
|
5,670,883 |
5,151,807 |
|
Trade debts |
8 |
33,930,637
|
27,873,515
|
|
|
|
21,621,477 |
17,598,855 |
|
Loans and advances |
|
1,977,291
|
1,538,657 |
|
CURRENT LIABILITIES |
|
|
|
|
Deposits and short term
prepayments |
261,590 |
292,928 |
|
|
|
|
|
|
|
Interest accrued |
|
78,615 |
253,222 |
|
Trade and other payables |
3 |
20,634,131 |
11,122,665 |
|
Other receivables |
|
678,700 |
1,063,389 |
|
|
|
|
|
|
Advance tax |
|
2,257,053 |
5,950,713 |
|
|
|
|
|
|
Other financial assets |
9 |
14,381,122 |
13,553,959 |
|
|
|
|
|
|
Cash and bank balances |
|
12,646,697 |
4,720,292
|
|
CONTINGENCIES AND
COMMITMENTS |
4 |
|
|
|
|
|
82,057,669 |
68,518,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
147,936,164 |
129,338,172 |
|
|
|
147,936,164 |
129,338,172 |
|
|
|
|
|
|
|
|
|
|
|
The annexed notes 1 to 16
form an integral part of this condensed interim financial information. |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
|
|
|
Director |
|
|
|
|||||
|
CONDENSED INTERIM PROFIT
AND LOSS ACCOUNT [UNAUDITED] |
|
|
||||
|
FOR NINE MONTHS ENDED |
|
|
||||
|
|
N o t e. |
Three months
ended 31 March |
|
Nine months
ended 31 March |
||
|
|
2008 |
2007 |
|
2008 |
2007 |
|
|
|
(Rupees '000)
|
|||||
|
Sales - net |
10 |
31,944,050 |
25,491,587 |
|
88,511,633 |
75,017,749 |
|
Royalty |
|
(3,395,216) |
(2,743,484) |
|
(10,740,675) |
(8,201,714) |
|
Operating expenses |
|
(3,941,918) |
(4,262,612) |
|
(12,226,337) |
(12,181,401) |
|
Transportation charges |
|
(401,600) |
(301,075) |
|
(981,774) |
(813,035) |
|
|
|
(7,738,734) |
(7,307,171) |
|
(23,948,786) |
(21,196,150) |
|
Gross profit |
|
24,205,316 |
18,184,416 |
|
64,562,847 |
53,821,599 |
|
|
|
|
|
|
|
|
|
Other income |
|
563,215 |
687,847 |
|
1,756,585 |
2,885,766 |
|
Exploration and prospecting
expenditure |
|
(1,299,781) |
(1,337,555) |
|
(5,382,562) |
(5,202,339) |
|
General and administration
expenses |
|
(212,960) |
(296,404) |
|
(856,897) |
(718,970) |
|
Finance costs |
|
(135,922) |
(109,462) |
|
(393,273) |
(331,235) |
|
Workers' profit
participation fund |
|
(1,155,993) |
(856,442) |
|
(2,984,335) |
(2,522,741) |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION |
|
21,963,875 |
16,272,400 |
|
56,702,365 |
47,932,080 |
|
Taxation |
|
(9,720,257) |
(4,758,185) |
|
(20,456,730) |
(13,305,245) |
|
PROFIT FOR THE PERIOD |
|
12,243,618 |
11,514,215 |
|
36,245,635 |
34,626,835 |
|
|
|
|
|
|
|
|
|
Earnings per share - basic
and diluted (Rupees) |
11 |
2.85 |
2.68 |
|
8.43 |
8.05 |
|
|
|
|
|
|
|
|
|
The annexed notes 1 to 16
form an integral part of this condensed interim financial information. |
|
|||||
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
|
Director |
|
|
|
|
|||
|
CONDENSED INTERIM CASH
FLOW STATEMENT [UNAUDITED] |
|
|
|||
|
FOR NINE MONTHS ENDED |
|
|
|
||
|
|
|
|
Nine months
ended 31 March |
||
|
|
|
|
2008 |
|
2007 |
|
|
|
|
(Rupees '000) |
||
|
Cash flows from
operating activities |
|
|
|
||
|
|
Profit before taxation |
56,702,365 |
|
47,932,080 |
|
|
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation |
2,032,765 |
|
2,196,549 |
|
|
|
Amortization of development
and production assets |
2,974,846 |
|
2,750,231 |
|
|
|
Royalty |
10,740,675 |
|
8,201,714 |
|
|
|
Workers' profit
participation fund |
2,984,335 |
|
2,522,741 |
|
|
|
Provision for employee benefits |
486,653 |
|
339,276 |
|
|
|
Unwinding of discount on
provision for decommissioning cost |
386,031 |
|
327,209 |
|
|
|
Interest income |
(1,397,279) |
|
(2,429,592) |
|
|
|
Unrealized gain on
investments at fair value through profit or loss |
(5,902) |
|
(2,270) |
|
|
|
Dividend income |
(52,081) |
|
(300,654) |
|
|
|
Gain on disposal of
property, plant and equipment |
(303) |
|
(22,744) |
|
|
|
Interest income on long
term receivables |
- |
|
(39,622) |
|
|
|
Provision for doubtful
advances |
(9,864) |
|
- |
|
|
|
|
74,842,241 |
|
61,474,918 |
|
Working capital changes |
|
|
|
||
|
|
(Increase)/decrease in
current assets: |
|
|
|
|
|
|
|
Stores, spare parts and
loose tools |
(2,560,601) |
|
(4,780,710) |
|
|
|
Stock in trade |
(13,280) |
|
(8,256) |
|
|
|
Trade debts |
(6,057,122) |
|
(9,337,800) |
|
|
|
Deposits and short term
prepayments |
31,338 |
|
(16,699) |
|
|
|
Advances and other
receivables |
(205,302) |
|
227,686 |
|
|
Increase/(decrease) in
current libilities: |
|
|
|
|
|
|
|
Trade and other payables |
(2,119,754) |
|
(225,310) |
|
Cash generated from
operations |
63,917,520 |
|
47,333,829 |
||
|
|
|
|
|
|
|
|
|
Royalty paid |
(8,622,981) |
|
(6,920,613) |
|
|
|
Employee benefits paid |
(613,919) |
|
(246,378) |
|
|
|
Received from workers'
profit participation fund |
286,383 |
|
30,983 |
|
|
|
Income taxes paid |
(13,132,258) |
|
(19,372,796) |
|
|
|
|
|
(22,082,775) |
|
(26,508,804) |
|
Net cash from operating
activities |
41,834,745 |
|
20,825,025 |
||
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
||
|
|
Fixed capital expenditure |
(9,923,649) |
|
(9,619,776) |
|
|
|
Interest received |
1,751,860 |
|
2,724,735 |
|
|
|
Dividend received |
52,081 |
|
300,654 |
|
|
|
Purchase of investments |
(200,000) |
|
(250,000) |
|
|
|
Proceeds from encashment of
investments |
50,061 |
|
41,065 |
|
|
|
Proceeds from disposal of
property, plant and equipment |
2,967 |
|
24,901 |
|
|
|
Long term prepayments |
(167,859) |
|
19,368 |
|
|
Net cash used in investing
activities |
(8,434,539) |
|
(6,759,053) |
||
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
||
|
|
Dividend paid |
(24,652,541) |
|
(24,129,901) |
|
|
Net cash used in financing
activities |
(24,652,541) |
|
(24,129,901) |
||
|
|
|
|
|
|
|
|
Net increase/(decrease)
in cash and cash equivalents |
8,747,665 |
|
(10,063,929) |
||
|
Cash and cash
equivalents at beginning of the period |
17,994,342 |
|
32,177,279 |
||
|
Cash and cash
equivalents at end of the period |
26,742,007 |
|
22,113,350 |
||
|
|
|
|
|
|
|
|
The annexed notes 1 to 16
form an integral part of this condensed interim financial information. |
|||||
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
Director |
||
|
|
|
||||||
|
CONDENSED INTERIM
STATEMENT OF CHANGES IN EQUITY [UNAUDITED] |
|
|
|||||
|
FOR NINE MONTHS ENDED |
|
|
|||||
|
|
Share |
|
Capital |
|
Unappropriated |
|
Total |
|
|
capital |
|
reserve |
|
profit |
|
equity |
|
|
(Rupees '000) |
||||||
|
Balance at |
43,009,284 |
|
2,219,027 |
|
49,541,966 |
|
94,770,277 |
|
|
|
|
|
|
|
|
|
|
Final dividend 2006: Rs
3.75 per share |
- |
|
- |
|
(16,128,482) |
|
(16,128,482) |
|
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) |
|
Transfer to captial reserve |
- |
|
166,655 |
|
(166,655) |
|
- |
|
|
|
|
|
|
|
|
|
|
Profit for nine months |
- |
|
- |
|
34,626,835 |
|
34,626,835 |
|
|
|
|
|
|
|
|
|
|
Total recognized income for
the period |
- |
|
- |
|
34,626,835 |
|
- |
|
|
|
|
|
|
|
|
|
|
Balance at |
43,009,284 |
|
2,385,682 |
|
52,820,414 |
|
98,215,380 |
|
|
|
|
|
|
|
|
|
|
Balance at |
43,009,284 |
|
2,438,228 |
|
55,169,140 |
|
100,616,652 |
|
|
|
|
|
|
|
|
|
|
Final dividend 2007: Rs
3.50 per share |
- |
|
- |
|
(15,053,249) |
|
(15,053,249) |
|
First interim dividend
2008: Rs 1.75 per share |
- |
|
- |
|
(7,526,625) |
|
(7,526,625) |
|
Second interim dividend
2008: Rs 2.00 per share |
- |
|
- |
|
(8,601,857) |
|
(8,601,857) |
|
Transfer to capital reserve
|
- |
|
177,816 |
|
(177,816) |
|
- |
|
|
|
|
|
|
|
|
|
|
Profit for nine months |
- |
|
- |
|
36,245,635 |
|
36,245,635 |
|
|
|
|
|
|
|
|
|
|
Total recognized income for
the period |
- |
|
- |
|
36,245,635 |
|
36,245,635 |
|
|
|
|
|
|
|
|
|
|
Balance at |
43,009,284 |
|
2,616,044 |
|
60,055,228 |
|
105,680,556 |
|
|
|
|
|
|
|
|
|
|
The annexed notes 1 to 16
form an integral part of this condensed interim financial information. |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
|
|
Director |