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Quarterly Report30 September, 2008
Contents
Quarterly Report 200801
02
03
08
09
10
11
12
20
21
22
23
24
Company Information
Chairmans Statement To The Shareholders
Interim Condensed Balance Sheet
Interim Condensed Profit and Loss Account
Interim Condensed Cash Flow Statement
Interim Condensed Statement of Changes in Equity
Notes to the Interim Condensed Financial Statements
Interim Condensed Consolidated Balance Sheet
Interim Condensed Consolidated Profit & Loss Account
Interim Condensed Consolidated Cash Flow Statement
Interim Condensed Consolidated Statement of Changes in Equity
Notes to the Interim Condensed Consolidated Financial Statements
Quarterly Report 2008 02
Company InformationBoard Of Directors
Mazharul Haq Siddiqui ChairmanMunaf Ibrahim Chief Executive OfficerAli J. Siddiqui DirectorAli Raza Siddiqui DirectorSyed Nizam Ahmed Shah Independent DirectorChief Justice (R) Mahboob Ahmed Independent DirectorSiraj Ahmed Dadabhoy Independent DirectorStephen Christopher Smith DirectorAli Hussain Director
Audit CommitteeSyed Nizam Ahmed Shah ChairmanChief Justice (R) Mahboob Ahmed MemberAli J. Siddiqui MemberFarah Qureshi Secretary
Executive CommitteeMunaf IbrahimAli J. SiddiquiAli Raza Siddiqui
Executive CompensationCommittee
Syed Nizam Ahmed ShahChief Justice (R) Mahboob Ahmed
Company SecretaryFarah Qureshi
Chief Financial OfficerKamran Qadir
AuditorsFord Rhodes Sidat Hyder & Co.Chartered Accountants
Legal AdvisorsBawaney & PartnersSayeed & Sayeed
Share RegistrarTechnology Trade (Pvt.) Ltd.241-C, Block-2, P.E.C.H.S., Karachi
Registered Office6th Floor, Faysal House Shahra-e-FaisalKarachi-75530, Pakistan
Websitewww.js.com
Quarterly Report 200803
CHAIRMANS STATEMENT TO THE SHAREHOLDERS
Dear Shareholder,
We are pleased to present the un-audited financial statements and results of operations for JahangirSiddiqui & Co. Ltd. (JSCL or the Company) along with consolidated financial statements of JahangirSiddiqui & Co. Ltd. (the Holding Company) and its subsidiaries for the fiscal first quarter endedSeptember 30, 2008.
During the period under review, JSCL continued to consolidate its position as Pakistans fastestgrowing financial services business.
The Economy
Pakistans economy continues to remain under stress, led by pressures on the external and monetaryfront. The ever widening trade deficit that rose by 53% year over year to US$ 5.5 billion during the1 quarter in FY09 and lack of any tangible foreign inflows has put immense pressure on the countrysforeign exchange reserves. This, coupled with a widening fiscal deficit has resulted, in reserveshaving fallen to a 6-year low of US$ 8.3 billion, while import cover is at a 7 year low of 10 weeks.Monetary tightening has remained intact as record inflation forced the central bank to increaseinterest rates by 100 bps during July 2008. This tight monetary policy has started to affect growthwith the Large Scale Manufacturing sector posting a 3.8% decline in July 2008.Despite the negative external and monetary situation, there has been marked improvement onthe fiscal front with tax revenues growing by an impressive 23% to PKR 235 billion (US$ 3 billion)in the first quarter of FY09 from PKR 205 billion (US$ 3 billion) in 1QFY08. Moreover, the Governmenthas continued with its policy to cut subsidies with a significant hike in domestic oil and electricityprices that is likely to help curb the fiscal deficit going forward. In addition, home remittances havecontinued their growth during the last three months rising by 25% to US$ 1.9 billion from US$ 1.5billion recorded in the corresponding period a year earlier. Despite these positives, the scale of theexternal account imbalance requires immediate inflows and the Government of Pakistan isnegotiating with a number of international lenders in order to put the economy on the path towardsrecovery.
Equity Markets
During Jul-Sep 2008, the local equity market saw a decline of 25%. This was mainly due to theworsening global and domestic economic outlook and the global and local liquidity crunch. In aneffort to stem the fall by giving a cooling off period the Karachi Stock Exchange imposed a flooron the exchange below which prices could not fall. However this artificial bottom price led to asignificant reduction in daily traded volumes. The average volumes for securities and futurestransactions during Jul-Sep 2008 reduced drastically to 66 million shares and 9 million shares, down74% and 83% from volumes during Jul-Sep 2007. Another effect of this artificial floor was that theshare financing Continuous Funding System (CFS) rates reached a 5-year high of 31% on Sep 30,2008 and in some stocks financing rates touched 100%.With a prohibitive cost for financing a
1
2
st
Quarterly Report 2008 04
share purchase, liquidity issues and a sharp decline in prices, CFS financing fell by 55% to PKR 22.6billion (US$ 290 million) during Jul-Sep 2008 versus average CFS amount of PKR 50.5 billion (US$806 million) in corresponding period in 2007. The withdrawal of funds from the CFS system wasmainly in anticipation of expected fall in the market after the lifting of price floor.
Business Overview
JSCL is primarily an investment company in financial services and also makes long term investmentsin rapidly growing companies in Pakistan. In financial services, its investments cover all sectorsincluding commercial banking, islamic banking, asset management, securities brokerage, general,l ife and health insurance, consumer credit rating agencies and microfinance.
JSCL also benefits from strategic long term investments throughout Pakistan's economy includingfast growing industrial sector companies, rapidly expanding technology and media sector companiesand companies benefiting from Pakistan's economic growth in transport and communications.
Performance of Key Investments
Banking
JS Bank Ltd.
JS Bank has had a successful quarter with deposits increasing 26 percent to PKR 14.7 billion andassets increasing 5 percent to PKR 21.9 billion on September 30, 2008 versus the same period twelvemonths earlier. For the first nine months of 2008 the bank has posted a net profit of PKR 122.6million as opposed to a net loss of PKR 81.6 million in the same period a year earlier.
The Bank has continued to add further products to its offerings and improve its systems and withfurther expansions to its branch network, the Bank is on its way to achieving its planned 39 branchesby year end.
BankIslami Pakistan Ltd.
BankIslami Pakistan Ltd. is Pakistan's leading Islamic Bank offering full range of Shariah compliantcommercial banking products and services. BankIslami started operations in April 2006 and hasbeen rapidly expanding since then. The Jul-Sep 2008 quarter was the second consecutive profitablequarter for the Bank. During the quarter the Bank further diversified its deposit base and now retaildeposits comprise 89% of total deposits. This has allowed the banks gross interest margin to increaseto 7.1 percent from 6.1 percent earlier.
By September 30, 2008 the bank had 40 branches in 24 cities and was well on its way to hit its targetof 102 branches in 48 cities by December 31, 2008. The Bank also maintained its leadership positionin shariat compliant investment banking transactions.
Quarterly Report 200805
Insurance
EFU General, EFU Life and Allianz-EFU Health Insurance all continue to grow.EFU Life has continued its Bancassurance strategy signing up with Saudi-Pak Bank and UBL in thelast quarter. Growth of new business premiums over the last nine months is in excess of 75% andearlier this year its Insurer Financial Strength rating was upgraded to AA- from A+ by JCR VIS. Allianz-EFU Health Insurance is also showing steady growth and has started on the Bancassurance strategysigning up with Standard Chartered Bank earlier this year for individual health policies.
Other Financial Services
JS Global Capital Ltd.
JS Global Capital Ltd. maintained its leadership in securities brokerage and reported profits despitelow volumes and weak capital markets. The company had a net profit of PKR 69.7 million duringthe quarter ended September 30, 2008, which is a decrease of 37.5 percent from the year earlierperiod. Volumes declined 74% and 84% in the ready and future markets respectively (to 66 millionand 9 million) as compared to the same period a year earlier.
JS Investments Ltd.
JS Investments Ltd. is the oldest and largest private sector asset management company in Pakistan.Given the market correction of 25 percent and poor near term economic outlook affecting salesthe total assets under management of the company fell 15 percent over the quarter to PKR 33.1billion. This coupled with increased financial charges led the Company to a first quarter loss of PKR10 million as compared to a profit of PKR 30.8 million in the year earlier period.
Financial Results
The Board is pleased to report a profit after tax of PKR 2,418 million (US$ 31 million) for the quarterended September 30, 2008 as compared to net profit after tax of PKR 19 million (US$ 0.3 million)for the same period last year. Operating revenue was significantly higher increasing to PKR 2,664million (US$ 34.2 million) as compared to PKR 284 million (US$ 4.5 million) in the correspondingperiod last year.
The basic and diluted earnings per share is PKR 3.17(US$ 0.04) based on the increased number ofshares from 222,020,000 shares as on September 30, 2008 to 763,285,323 shares as on October 30,2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008 andOctober 18, 2008 respectively.
Net Asset Value of Underlying Holdings
A key measure of our business performance is the underlying net asset value of our investmentholdings.
Quarterly Report 2008 06
The net asset value of the Company as at September 30, 2008 was PKR 26.24 billion (US$ 336.38million) or PKR 34.38 (US$ 0.44) per share on a fully diluted basis based on the increased numberof shares from 222,020,000 shares as on September 30, 2008 to 763,285,323 shares as on October30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008 andOctober 18, 2008 respectively.
Credit Rating
The Directors are pleased to inform you that The Pakistan Credit Rating Agency Ltd. (PACRA) hasmaintained the long term rating of the Company at "AA+" (Double A plus) and a short term ratingof "A1+" (A one plus) respectively during the financial year. The long-term rating denotes a verylow expectation of credit risk and indicates a very strong capacity for timely payment of financialcommitments. The short term rating indicates that obligations are supported by the highest capacityfor timely repayment.
Acknowledgement
We express our gratitude to our clients and business partners for their continued patronage of theCompany and to our management and employees for their dedication and hard work.
We would also like to acknowledge the Securities and Exchange Commission of Pakistan, the StateBank of Pakistan and the Federal Board of Revenue for their efforts to strengthen the financialmarkets and implement measures to safeguard investor rights.
An exchange rate of PKR 78 .00 per US $ is assumed for the figures relating to the quarter ended September 30, 2008.An exchange rate of PKR 62.65 per US $ is assumed for the figures relating to the quarter ended September 30, 2007.
For and on behalf of theBoard of Directors
Karachi: October 30, 2008 Mazharul Haq SiddiquiChairman
1
2
Quarterly Report 200807
INTERIMCONDENSEDFINANCIAL
STATEMENTS
June 30,2008
(Audited)
September 30,2008
(Un-audited)ASSETS
Non-Current Assets
Property and equipmentInvestment propertiesStock exchange membership cards and roomLong term investmentsLong term loans and advanceLong term security deposits
Current Assets
Loans and advancesPrepayments, interest accrued and other receivablesShort term investmentsFund placementsTaxation - netCash and bank balances
EQUITY AND LIABILITIES
Share Capital and Reserves
Share CapitalReserves
Advance against future issue of share capital
Non-Current Liability
Long term financing
Current Liabilities
Trade and other payablesAccrued interest / mark-up on borrowingsShort term borrowingsCurrent portion of long term financing
Commitments
Quarterly Report 2008 08
Interim Condensed Balance SheetAs at September 30, 2008
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
The annexed notes 1 to 14 form an integral part of these interim condensed financial statements.
Note.............(Rupees in '000).............
42,993 3,532
12,201 25,185,040
4,431 2,527
25,250,724
364 168,578
1,815,011 2,900,345
85,208 228,826
5,198,332 30,449,056
2,220,200 24,018,063 26,238,263
4,002
3,489,903
266,376 137,234 - 313,278 716,888
30,449,056
46,654 3,692
12,201 28,312,608
4,379 2,529
28,382,063
153,026 17,858
4,269,788 325,411
76,513 4,269,764 9,112,360
37,494,423
2,220,200 28,807,693 31,027,893
-
3,520,275
1,573,858 113,542 945,577 313,278
2,946,255
37,494,423
4
5
6
7
8
INCOME
Return on investmentsGain on sale of investments - netIncome from long-term loans and fund placementsFees and commissionOther income(Loss) / gain on revaluation of investments carried at fair value
through profit and loss account - net
EXPENDITURE
Operating and administrative expensesFinance costProvision for impairment against investments in
subsidiaries, associate and joint venture - net
PROFIT BEFORE TAXATION
TaxationCurrent
PROFIT FOR THE PERIOD AFTER TAXATION
EARNINGS PER SHARE
Basic Diluted
July 1, toSeptember 30,
2007
July 1, toSeptember 30,
2008
Quarterly Report 200809
Interim Condensed Profit and Loss AccountFor the Quarter ended September 30, 2008(Un-audited)
The annexed notes 1 to 14 form an integral part of these interim condensed financial statements.
Note(Rupees in '000)
134,401 2,820,234
56,349 -
42,650
(389,993) 2,663,641
115,529 129,642
- 245,171
2,418,470
48
2,418,422
148,871 76,812
- 13,951
6,545
37,440 283,619
46,459 214,901
900 262,260
21,359
2,600
18,759
9.....................(Rupees).....................
3.173.17
0.010.02
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustment for non cash charges and other items:DepreciationGain on sale of property and equipmentAmortisation of transaction costsInterest income from defence saving certificatesLoss / (gain) on revaluation of investments carried at fair value
through profit and loss account - netProvision for impairment against investments in
subsidiaries, associate and joint venture - netFinance cost
Operating profit before working capital changes
(Increase) / decrease in operating assets:Loans and advancesShort term investmentsTrade debtsLong term loans, advance and security depositsFund placements - netPrepayments, accrued mark-up and other receivables
Decrease in trade and other payablesNet cash generated from / (used in) operations
Mark-up paidTaxes paidDividend paid
Net cash inflow / (outflow) from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure incurredProceeds from sale of property and equipmentInvestments acquired - net of saleNet cash outflow from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Advance against future issue of share capital(Redemption) / issuance of Term Finance Certificates - netSecurities sold under repurchase agreements - net
Net cash (outflow) / inflow from financing activities
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
July 1, toSeptember 30,
2007
July 1, toSeptember 30,
2008
Quarterly Report 2008 10
Interim Condensed Cash Flow StatementFor the Quarter ended September 30, 2008(Un-audited)
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
Note(Rupees in '000)
2,418,470
4,576 -
1,097 (185)
389,993
- 128,545 524,026
2,942,496
(88) 1,951,557
- (50)
(2,574,934) (150,720) (774,235)
(1,307,472) 860,789
(104,853) (8,743)
(10) 747,183
(755) -
(3,814,322) (3,815,077)
4,002 (31,469) -
(27,467)
(3,095,361)
3,324,187
228,826
21,359
4,480 (325) 1,097 (177)
(37,440)
900 213,804 182,339 203,698
233 (1,195,253)
(293,119) 105
- 2,769
(1,485,265)
(1,292,452) (2,574,019)
(131,025) (7,097)
- (2,712,141)
(350) 325
(217,079) (217,104)
- 99,900
198,440
298,340
(2,630,905)
(524,721)
(3,155,626)10
The annexed notes 1 to 14 form an integral part of these interim condensed financial statements.
Balance as at July 1, 2007
Net effect of revaluation of availablefor sale investments to fair value held as at the year end
Profit after taxation for the period
Appropriations for the year ended June 30, 2007:
Issue of bonus shares @ 100%
Dividend @ Rs. 2.5 per ordinary share
Preference dividend @ 7% per annum
Balance as at September 30, 2007
Balance as at July 1, 2008
Net effect of revaluation of availablefor sale investments to fair value held as at the year end
Proposed bonus Issue @243.7782003%
Profit after taxation for the period
Balance as at September 30, 2008
Quarterly Report 200811
Interim Condensed Statement of Changes in EquityFor the Quarter ended September 30, 2008(Un-audited)
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
Issued, subscribed and paid-up capital
Note
Capital Revenue Other
Reserves
(Rupees in '000)
Total
8,277,328
155,468
18,759
-
(87,500)
(26,984)
8,337,071
31,027,893
(7,208,052)
-
2,418,422
26,238,263
Unrealisedgain /(loss) on
revaluationof available for
sale invest-ments - net
1,763,231
155,468
-
-
-
-
1,918,699
(2,684,863)
(7,208,052)
-
-
(9,892,915)
Unappro-priatedprofit
2,488,592
-
18,759
-
(87,500)
(26,984)
2,392,867
11,586,011
-
-
2,418,422
14,004,433
General
2,500,000
-
-
-
-
-
2,500,000
10,000,000
-
-
-
10,000,000
Bonusissue
-
-
-
-
-
-
-
-
5,412,569
5,412,569
Ordinaryshare
premium
475,505
-
-
(350,000)
-
-
125,505
9,906,545
-
(5,412,569)
-
4,493,976
Preferenceshares -Class 'A'
700,000
-
-
-
-
-
700,000
-
-
-
-
-
Ordinaryshare
capital
350,000
-
-
350,000
-
-
700,000
2,220,200
-
-
-
2,220,200
12
The annexed notes 1 to 14 form an integral part of these interim condensed financial statements.
Quarterly Report 2008 12
Notes To The Interim Condensed Financial StatementsFor the Quarter ended September 30, 2008(Un-audited)
Additions costOffice equipmentOffice furniture and fixturesMotor vehicles
4. PROPERTY AND EQUIPMENT
The details of additions and disposals during the quarter ended September 30, 2008 are as follows:
405 350 -
755
1,346 150
5,349 6,845
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
1. THE COMPANY AND ITS OPERATIONS
Jahangir Siddiqui & Co. Ltd. (the Company) was incorporated under the Companies Ordinance, 1984 (theOrdinance) on May 4, 1991 as a public unquoted company. The Company is presently listed on Karachi StockExchange (Guarantee) Limited. The Company is also a corporate member of Karachi Stock Exchange (Guarantee)Limited and Islamabad Stock Exchange (Guarantee) Limited. The registered office of the Company is situatedat 6th Floor, Faysal House, Main Shahra-e-Faisal, Karachi. The principal activities of the Company are trading ofsecurities, maintaining strategic investments, consultancy services, underwriting, etc.
2. BASIS OF PREPARATION
These interim condensed financial statements are un-audited and are being submitted to the shareholders asrequired under Section 245 of the Companies Ordinance, 1984 and the Listing Regulations of the Karachi StockExchange. These interim condensed financial statements have been prepared in accordance with the requirementsof the International Accounting Standard - 34 Interim Financial Reporting as applicable in Pakistan. Theseinterim condensed financial statements do not include all the information and disclosures required in the annualfinancial statements, and should be read in conjunction with the Companys annual financial statements for theyear ended June 30, 2008.
The comparative balance sheet presented in these financial statements has been extracted from the auditedfinancial statements of the Company for the year ended June 30, 2008, whereas the comparative profitand loss account, statement of changes in equity and cash flow statement are stated from theunaudited interim condensed financial statements for three months period ended September 30, 2007.
These financial statements are separate financial statements of the Company in which investments in subsidiariesand associates are accounted for on the basis of direct equity interest and are not consolidated.
3. ACCOUNTING POLICIES
The accounting policies followed for the preparation of these interim condensed financial statements are thesame as those applied in preparing the annual financial statements of the Company for the year ended June30, 2008.
The preparation of interim condensed financial statements requires management to make judgements, estimatesand assumptions that effect the application of accounting policies and the reported amounts of assets andliabilities, income and expense. Actual results may differ from these estimates. The significant judgements madeby the management in applying the Company's accounting polices and the key sources of estimation anduncertainty were same as those applied to the financial statements for the year ended June 30, 2008.
Quarterly Report 200813
5. LONG TERM INVESTMENTS
6,060,525 6,560,599
12,563,916
25,185,040
5,507,775 2,958,285
19,846,548
28,312,608
Investment in related partiesInvestment in subsidiariesInvestment in associatesOther related parties
5.15.25.3
5.1 Investments in subsidiaries - at cost
These shares are Ordinary shares of Rs.10 each unless stated otherwise.
JS Bank LimitedMarket value Rs. 2,932.39
(June 30, 2008: Rs. 4,029.10) million
JS Investments LimitedMarket value Rs. 2,965.35
(June 30, 2008: Rs. 4,945.88) million
Quoted293,238,704
52,023,617
293,238,704
52,023,617
Commercial Banking
Asset Management &
InvestmentAdvisor
57.43
52.02
57.43
52.02
1,576,817
3,046,057
1,576,817
3,046,057
Disposals costOffice equipmentMotor vehicles
- - -
99 3,442 3,541
Note
Un-quotedJS Infocom LimitedNet assets value Rs. 541.35
(June 30, 2008: Rs. 530.43)million based on un-auditedfinancial statements for theperiod ended September 30, 2008
Less: Provision for impairment
JS International LimitedOrdinary Shares of US$ 1/- each
having net assets valueRs. 265.37 (March 31, 2008:Rs. 265.58) million based onun-audited financial statements forthe period ended June 30, 2008
Less: Provision for impairment
Credit Chex (Private) LimitedNet assets value Rs. 18.65
(June 30, 2008: 33.20) millionbased on un-audited financialstatements for the periodended September 30, 2008
Energy Infrastructure Holding(Private) Limited
Net assets value Rs. 516.56(June 30, 2008: Nil) millionbased on un-audited financialstatements for the periodended September 30, 2008
73,736,250
10,000
1,177,500
52,500,000
73,736,250
10,000
900,000
-
TelecomMedia &
Technology
Investmentservices
Creditinformationand Credit
Rating
Powergeneration
5.1.1
100.00
100.00
75.00
100.00
100.00
100.00
75.00
-
708,490
(178,061) 530,429
294,882
(30,410) 264,472
117,750
525,000
6,060,525
708,490
(178,061) 530,429
294,882
(30,410) 264,472
90,000
-
5,507,775* These represent sponsor shares which are blocked for trading as per the requirements of the State Bank of Pakistan.** These represent sponsor shares which are blocked for trading as per the requirements of the Securities and Exchange Commission of Pakistan.
June 30,2008
September 30,2008
Number of shares HoldingActivityNote
June 30,2008
%
September 30,2008
%*
**
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
(Audited)June 30,
2008
(Un-audited)September 30,
2008.............(Rupees in '000).............
(Audited)June 30,
2008
(Un-audited)September 30,
2008.............(Rupees in '000).............
Quarterly Report 2008 14
5.1.1 During the period, Energy Infrastructure Holding (Private) Limited (EIHPL) issued 52,500,000 shares ofRs. 10 each to the Company. EIHPL was incorporated on April 15, 2008 under the laws of Pakistan. Theprincipal activities of EIHPL after comencement of operations will be to design, construct, acquire, own,operate and maintain power generation complexes and to carry on the business of electricity generation,power transmission and distribution services, over hauling and re-powering of power plants etc.
5.2 Investment in associates - at cost These shares are Ordinary shares of Rs.10 each unless stated otherwise.
15,524,994
6,245,198
74,185,000
11,238,812
21,734,826
6,245,198
74,185,000
11,238,812
JS Global Capital LimitedMarket value Rs. 3,617.34
(June 30, 2008: Rs. 4,846.44) million
Network Microfinance Bank LimitedMarket value Rs. 20.92
(June 30, 2008: Rs. 34.97) millionProvision for impairment
Azgard Nine LimitedMarket value Rs. 2,264.87
(June 30, 2008: Rs. 4,566.83) million
JS Value Fund LimitedMarket value Rs. 120.82
(June 30, 2008: Rs. 217.25) million
Dealing in &brokerage ofmarketablesecurities
MicrofinanceBanking
TextileComposite
MutualFund
43.47
41.63
23.27
9.48
43.47
41.63
23.27
9.48
3,701,314
62,452
(4,500) 57,952
2,665,767
135,566
6,560,599
99,000
62,452
(4,500) 57,952
2,665,767
135,566
2,958,285
June 30,2008
September 30,2008
Number of shares HoldingActivity
June 30,2008
%
September 30,2008
%
5.3 Other related parties - at fair value
9,000,000
78,750,000
18,675,500
16,441,300
18,298,860
3,090,000
17,759,800
750,000
Available for saleThese shares are Ordinary shares of Rs.10 each unless stated otherwise.
9,000,000
78,750,000
18,675,500
15,838,400
18,298,860
3,090,000
17,909,800
750,000
Eye Television Network Limited
BankIslami Pakistan Limited
EFU General Insurance Limited
EFU Life Assurance Limited
Pakistan Reinsurance Company Limited
Attock Petroleum Limited
Pakistan International Container Terminal Limited
Un-quoted
EFU Services (Private) Limited
TelevisionNetwork
IslamicBanking
GeneralInsurance
LifeAssurance
Reinsurance
OilMarketing
ContainerTerminal
Investmentcompany
18.00
18.75
16.24
21.12
6.10
6.44
19.69
37.50
18.00
18.75
16.24
21.92
6.10
6.44
19.52
37.50
357,390
843,412
3,049,336
5,650,349
722,805
828,089
1,105,035
7,500
12,563,916
530,100
1,166,288
6,739,241
6,268,410
1,588,524
1,335,745
2,210,740
7,500
19,846,548
* These represents sponsor shares which are blocked for trading as per the requirements of the State Bank of Pakistan.
QuotedJune 30,
2008September 30,
2008
Number of shares HoldingActivityJune 30,
2008%
September 30,2008
%
*
*
(Audited)June 30,
2008
(Un-audited)September 30,
2008.............(Rupees in '000).............
Quoted
7. ADVANCE AGAINST FUTURE ISSUE OF SHARE CAPITAL
This represents subscription received against Rights shares of Rs. 10/- each at a premium of Rs. 465/- per shareout of the 10,688,182 Right shares offered by the Company to the shareholders of the Company, other than themajor shareholders who waived in writing their right entitlements for facilitating the Company to issue shares tooffshore investors, in the proportion to their respective holding i.e. in the ratio of 16.354091 shares for every100 shares held by these shareholders.
Subsequent to the period end, the Board of Directors of the Company in their meeting held on October 11, 2008have decided that 8,425 Right shares of Rs. 10/- each be allotted to the shareholders, who subscribed the rightshares at Rs. 10/- per share at a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share onor before September 30, 2008 for a total consideration of Rs. 4.00 million.
Further, in the attendant circumstances the remaining unsubscribed 10,679,757 Right shares of Rs. 10/- per shareat a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share be not allotted or issued.
Quarterly Report 200815
490,914 695
897,539 1,389,148
292,024 129,021 421,045
4,818 1,815,011
1,479,109 711
2,251,438 3,731,258
348,453 185,445 533,898
4,632 4,269,788
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
6. SHORT TERM INVESTMENTS
Assets at fair value through profit or loss- Listed equity securities- Term finance certificates- Open-end fund units
Available for sale- Listed equity securities
Related partiesOthers
Held to maturityDefence saving certificates (at amortised cost)
3,335 3,335
8. COMMITMENTS
Commitment in respect of: - Bank guarantee
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
2,418,422 -
2,418,422
18,759 (12,351)
6,408
763,285 -
763,285
734,257 7,000
741,257
3.17
3.17
0.01
0.02
Quarterly Report 2008 16
9. BASIC AND DILUTED EARNINGS PER SHARE
Profit after taxation for the periodLess: Cumulative preference dividend on convertible preference sharesProfit after taxation attributable to Ordinary shareholders
Weighted average number of Ordinary sharesNumber of ordinary shares outstanding during the periodConvertible preference shares
Weighted average number of Ordinary sharesadjusted for the effect of dilution
Earnings per share:
- Basic
- Diluted
10. CASH AND CASH EQUIVALENTS
Cash and bank balancesShort term running finance utilised under mark-up arrangement
228,826 -
228,826
17,018) (3,172,644) (3,155,626)
September 30,2007
September 30,2008
.............(Rupees in '000).............
................(Un-audited)................
September 30,2007
September 30,2008
.....................(Rupees).....................
September 30,2007
September 30,2008
.............(Number in '000).............
September 30,2007
September 30,2008
.............(Rupees in '000).............
................(Un-audited)................
The number of ordinary shares has increased from 222,020,000 shares on September 30, 2008 to 763,285,323shares on October 30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008and October 18, 2008 respectively. Therefore, in accordance with para 64 of International Accounting Standard33 - Earnings per share, the calculation of basic and diluted earnings per share for the quarters endedSeptember 30, 2008 and September 30, 2007 have been retrospectively adjusted.
9.1
Note
9.1
11. RELATED PARTY TRANSACTIONS
Related parties comprise subsidiaries, associates, joint venture, directors, key management personnel andprovident fund scheme. Significant transactions with related parties during the quarter ended September 30,2008 are as follows:
Quarterly Report 200817
2,006 - 5,456 -
15,889 - -
413,232 600
237,379
3,304 7,915 1,500
2,869 325
5,076 1,560 -
87,795 13,906 12,045
349
-
1,474 5,027 1,500
Brokerage expenseProceed from sale of vehicleRental incomeRent expenseProfit received on fund placements and deposit accountsAdvisory and consultancy feesUnderwriting commission receivedInvestment in related partiesContribution to Staff Provident FundDonations paid to Mahvash and Jahangir Siddiqui Foundation
(formerly Siddiqui Foundation) - Common directorship andkey management personnel
Key management personnel:Remuneration to Chief Executive OfficerRemuneration to ExecutivesAdvisory fee to Director
The Company continues to have policy whereby all transactions with related parties are entered into armslength prices using admissible valuation method.
12. POST BALANCE SHEET EVENT
Further to the recommendation of the Board of Directors of the Company in their meeting held on August 16,2008, the Company, on October 18, 2008 issued 541,256,898 bonus shares @ 243.7782003% i.e. in the proportionof 2.437782003 new Ordinary shares for every 1 Ordinary share held by the members according to theirrespective shareholdings at the book closure date.
13. DATE OF AUTHORISATION
These interim condensed financial statements were authorised for issue by the Board of Directors in theirmeeting held on October 30, 2008.
14. GENERAL
Figures have been rounded off to the nearest thousand rupees.
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
September 30,2007
September 30,2008
.............(Rupees in '000).............
................(Un-audited)................
Quarterly Report 2008 18
Quarterly Report 200819
INTERIMCONDENSED
CONSOLIDATEDFINANCIAL
STATEMENTS
June 30,2008
(Audited)
September 30,2008
(Un-audited)
ASSETS
Non-Current AssetsProperty and equipmentIntangible assetsInvestment propertiesStock exchange membership cards and roomLong term investmentsLong term loans, advances and other receivablesLong term depositsDeferred tax asset
Current AssetsShort term investmentsTrade debts - unsecuredLoans and advancesAccrued markupDeposits, prepayments and other receivablesFund placementsTaxation - netCash and bank balances
EQUITY AND LIABILITIES
Share Capital and ReservesShare CapitalReservesEquity attributable to equity holders' of the parent
Minority Interest
Total equity
Advance against future issue of share capital
Non-Current LiabilityLong term financingLiabilities against assets subject to finance leaseDeposits and other accountsEmployee benefit liability
Current LiabilitiesTrade and other payablesAccrued interest / mark-up on borrowingsShort term borrowingsCurrent portion of non-current liabilities
Contingencies and Commitments
Quarterly Report 2008 20
Interim Condensed Consolidated Balance SheetAs at September 30, 2008
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
The annexed notes 1 to 16 form an integral part of these interim condensed consolidated financial statements.
Note.............(Rupees in '000).............
997,638 3,961,129
3,532 34,201
19,984,176 1,488,142
4,938 102,268
26,576,024
9,905,642 2,686
9,517,333 383,719 493,269
3,515,707 255,531
2,522,867 26,596,754
53,172,778
2,220,200 24,816,440 27,036,640
2,700,288
29,736,928
4,002
4,047,557 6,724
3,211,115 17,690
7,283,086
886,044 347,082
3,019,931 11,895,705 16,148,762
53,172,778
930,184 3,976,185
3,692 34,201
24,960,955 25,613
4,940 101,407
30,037,177
13,563,740 199,689
9,801,499 335,192 281,730
2,372,802 237,446
8,405,140 35,197,238
65,234,415
2,220,200 32,123,173 34,343,373
3,223,523
37,566,896
-
4,124,445 7,615
348,103 2,343
4,482,506
2,539,208 312,533
6,194,919 14,138,353 23,185,013
65,234,415
4
5
6
7
8
9
INCOME
Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerageOther incomeLoss on revaluation of investments carried at
fair value through profit and loss - net
EXPENDITURE
Operating and administrative expensesFinance costReversal of provision for impairment against investments
Share of (loss) / profit from:- associates- joint ventures
PROFIT / (LOSS) FOR THE PERIOD BEFORE TAXATION
TAXATION
- Current- Deferred
PROFIT / (LOSS) AFTER TAXATION FOR THE PERIOD
Loss attributable to minority interest
EARNINGS PER SHARE
- Basic- Diluted
207,311 2,140,934
442,969 188,921
90,902
(389,687) 2,681,350
572,065 560,052
(754) 1,131,363 1,549,987
(96,398) (1,678)
(98,076) 1,451,911
2,538 (1,221)
1,317 1,450,594
21,619
1,472,213
July 1, toSeptember 30,
2007
July 1, toSeptember 30,
2008
Quarterly Report 200821
Interim Condensed Consolidated Profit and Loss AccountFor the Quarter ended September 30, 2008(Un-audited)
Note.............(Rupees in '000).............
149,308 98,017
273,117 166,792
41,925
(1,733) 727,426
350,414 556,984
- 907,398
(179,972)
165,206 (34)
165,172 (14,800)
8,380 2,198
10,578 (25,378)
42,892
17,514
10
1.931.93
0.010.02
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
.....................(Rupees ).....................
The annexed notes 1 to 16 form an integral part of these interim condensed consolidated financial statements.
July 1, toSeptember 30,
2007
July 1, toSeptember 30,
2008
Profit / (loss) for the period before taxation
Adjustments for non cash charges and other items:DepreciationAmortisation on intangible assetsAmortisation of deferred costLoss / (profit) on sale of property and equipmentInterest income from defence saving certificatesShare of loss / (profit) from associates and joint venturesCharge for defined benefit planLiabilities no longer payable written backReversal of provision for impairment against investmentsLoss on revaluation of investments carried at fair value through profit and loss - netFinance cost
Operating profit before working capital changes (Increase)/decrease in operating assets :
Short term investments Trade debtsLoans and advancesLong term loans, advances, deposits and other receivablesFund placementsDeposits, prepayments, accrued mark-up and other receivables
(Decrease)/increase in operating liabilities:Trade and other payablesDeposits and other accounts
Net cash generated from / (used in) operations
Interest / mark-up paidTaxes paidDividend paidNet cash inflow / (outflow) from operating activities
Capital expenditure incurredIntangible assets acquiredProceeds from sale of property and equipmentInvestment acquired - net of saleNet cash outflow from investing activities
(Redemption)/proceeds from issue of term finance certificates - netProceeds from issue of preference sharesAdvance against future issue of share capitalLong term loans net of repaymentRepayment of lease liabilitySecurities sold under repurchase agreementsNet cash (outflow) / inflow from financing activities
NET DECREASE IN CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
Quarterly Report 2008 22
Interim Condensed Consolidated Cash Flow StatementFor the Quarter ended September 30, 2008(Un-audited)
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
Note(Rupees in '000)
1,451,911
36,432 15,843
- 957
(185) 98,076 15,347 (1,859)
(754)
389,687 560,052
1,113,596
2,565,507
2,065,234 197,003 159,166
(1,462,527) (1,142,905)
(260,066) (444,095)
(1,646,549) 621,566
1,096,429
(524,406) (19,919)
(8,474) 543,630
(245,071) (787) 1,976
(2,930,957) (3,174,839)
(77,789) -
4,002 (1,495)
(794) (849,267) (925,343)
(3,556,552) 3,064,305 (492,247)
(14,800)
22,791 49,544
(677) (1,225)
(177) (165,172) -
(4,439) -
1,733 556,984 459,362
444,562
(3,932,881) (256,090)
(34,894) 49,770
963,217 122,703
(3,088,175)
(1,341,411) (1,464,674) (5,449,698)
(439,328) (31,587)
(4,371) (5,924,984)
(91,731) (2,621) 21,039
(479,405) (552,718)
98,886 350,000
- (62,500)
- 728,440
1,114,826 (5,362,876)
871,561 (4,491,315)
11
The annexed notes 1 to 16 form an integral part of these interim condensed consolidated financial statements.
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Quarterly Report 200823
Inte
rim
Con
dens
ed C
onso
lidat
ed S
tate
men
t of t
he C
hang
es in
Equ
ity
For t
he Q
uart
er e
nded
Sep
tem
ber 3
0, 2
008
(Un-
audi
ted)
Mun
af Ib
rahi
mCh
ief E
xecu
tive
Maz
haru
l Haq
Sid
diqu
iCh
airm
an
The
anne
xed
note
s 1 to
16
form
an
inte
gral
par
t of t
hese
inte
rim c
onde
nsed
con
solid
ated
fina
ncia
l sta
tem
ents
.
1. THE GROUP AND ITS OPERATIONS
Jahangir Siddiqui & Co. Ltd. (the Holding Company) and its subsidiary companies (together the Group) areinvolved in trading of securities, maintaining strategic investments, investment advisory, asset management,agency telecommunication, commercial banking, power generation and other businesses. The Group is mainlyoperating in Pakistan and also provides services in United Kingdom and Cayman Islands.
The Holding Company was incorporated under the Companies Ordinance, 1984 (the Ordinance) on May 4, 1991as a public unquoted company. The Holding Company is presently listed on Karachi Stock Exchange (Guarantee)Limited. The Holding Company is also a corporate member of Karachi Stock Exchange (Guarantee) Limited andIslamabad Stock Exchange (Guarantee) Limited. The registered office of the Holding Company is situated at 6thFloor, Faysal House, Main Shahra-e-Faisal, Karachi. The principal activities of the Holding Company are tradingof securities, maintaining strategic investments, consultancy services, underwriting, etc.
The Group comprises of the Holding Company and the following subsidiary companies that have beenconsolidated in these financial statements on the line by line basis. All material inter company balances,transactions and resulting unrealised profits / losses have been eliminated:
Quarterly Report 2008 24
Notes To The Interim Condensed Consolidated Financial StatementsFor the Quarter ended September 30, 2008(Un-audited)
1.1
1.2
JS Investments Limited (JSIL) (formerly JS ABAMCO Limited)
JS Infocom Limited
JS International Limited
JS International LLP (Sub-subsidiary)
JS Bank Limited (JSBL)
Credit Chex (Private) Limited
JS ABAMCO Commodities Limited (Sub-subsidiary)
Webdnaworks (Private) Limited (Sub-subsidiary)
MOBEX Limited (Sub-subsidiary)
Energy Infrastructure Holding (Private) Limited
Investment Advisor, Asset Manager and Investment Banking
Telecom, Media and Technology
Investment Advisory Services
Investment Advisory Services
Commercial Banking
Credit Information andCredit Rating Services
Commodity brokerage
Telecom and Technology
Telecom and Technology
Power generation
July 31, 2000
August 25, 2003
July 14, 2005
April 11, 2006
December 30, 2006
October 8, 2007
December 12, 2007
December 12, 2007
March 20, 2008
July 07, 2008
52.02%
100.00%
100.00%
100.00%
57.43%
75.00%
52.02%
51.00%
70.00%
100.00%
52.02%
100.00%
100.00%
100.00%
57.43%
75.00%
52.02%
51.00%
70.00%
-1.2.1
During the period, Energy Infrastructure Holding (Private) Limited (EIHPL) issued 52,500,000 shares of Rs. 10each to the Holding Company. EIHPL was incorporated on April 15, 2008 under the laws of Pakistan. The principalactivities of EIHPL after comencement of operations will be to design, construct, acquire, own, operate andmaintain power generation complexes and to carry on the business of electricity generation, power transmissionand distribution services, over hauling and re-powering of power plants etc.
1.2.1
Subsidiary Companies Nature of Business Date of AcquisitionNoteHolding (including
indirect holding)June2008
September2008
Additions - costOwned:- Office premises - leasehold- Leasehold improvements- Office equipment- Office furniture and fixtures- Motor vehicles
Leased:- ATM machines
Disposals - cost- Office premises - leasehold- Leasehold improvements- Office equipment- Office furniture and fixtures- Motor vehicles
Related parties:- Investment in associates- Investment in joint venture- Other related parties - Available for sale
Other investments:- Available for sale
2. BASIS OF PREPARATION
These interim condensed consolidated financial statements are un-audited and are being submitted to theshareholders as required under Section 245 of the Companies Ordinance, 1984 and the Listing Regulations ofthe Karachi Stock Exchange. These interim condensed consolidated financial statements have been preparedin accordance with the requirements of the International Accounting Standard - 34 Interim Financial Reportingas applicable in Pakistan. These interim condensed consolidated financial statements do not include all theinformation and disclosures required in the annual consolidated financial statements, and should be read inconjunction with the Companys annual consolidated financial statements for the year ended June 30, 2008.
3. ACCOUNTING POLICIES
The accounting policies followed for the preparation of these interim condensed consolidated financial statementsare the same as those applied in preparing the annual consolidated financial statements of the Company forthe year ended June 30, 2008.
4. PROPERTY AND EQUIPMENT
The details of additions in and disposals of operating assets during the period ended September 30, 2008 areas follows:
Quarterly Report 200825
68,240 56,554 59,410 19,364
3,613
-
207,181
3,559 4,070 2,400
244 794
11,067
219,841 68,956
132,092 21,877 57,036
19,225
519,027
3,452 -
10,229 1,690
42,867 58,238
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
6,953,388 73,322
12,743,416 19,770,126
214,050 19,984,176
5,114,407 -
19,846,548 24,960,955
- 24,960,955
5. LONG TERM INVESTMENTS
Note
5.1
This represents Group interest in Gujranwala Energy Limited (GEL), a joint venture of Energy InfrastructureHolding (Private) Limited (a wholly owned subsidiary). GEL is a public limited company incorporated onSeptember 14, 2006 under the provisions of the Companies Ordinance, 1984. The registered office of GEL issituated at Lahore. Its principal business activity would be to generate and supply the electricity to Water andPower Development Authority (WAPDA). The production facility would be constructed at Sung-o-Wali, TehsilWazirabad, District Gujranwala. The Company is in its development phase, therefore, it has not started itscommercial operation.
5.1
Quarterly Report 2008 26
1,389,148 8,511,676
4,818 9,905,642
3,776,203 9,782,905
4,632 13,563,740
June 302008
(Audited)
September 302008
(Un-audited).............(Rupees in '000).............
6. SHORT TERM INVESTMENTS
7. ADVANCE AGAINST FUTURE ISSUE OF SHARE CAPITAL
This represents subscription received against Rights shares of Rs. 10/- each at a premium of Rs. 465/- per shareout of the 10,688,182 Right shares offered by the Holding Company to its shareholders, other than the majorshareholders who waived in writing their right entitlements for facilitating the Holding Company to issue sharesto offshore investors, in the proportion to their respective holding i.e. in the ratio of 16.354091 shares for every100 shares held by these shareholders.
Subsequent to the period end, the Board of Directors of the Holding Company in their meeting held onOctober 11, 2008 have decided that 8,425 Right shares of Rs. 10/- each be allotted to the shareholders, whosubscribed the right shares at Rs. 10/- per share at a premium of Rs. 465/- per share i.e. at a subscription price ofRs. 475/- per share on or before September 30, 2008 for a total consideration of Rs. 4.00 million.
Further, in the attendant circumstances the remaining unsubscribed 10,679,757 Right shares of Rs. 10/- per shareat a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share be not allotted or issued.
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
8. CURRENT PORTION OF NON-CURRENT LIABILITIES
Long term financing:- Term finance certificates- Liability against Class A, B & C TFCsDeposits and other accountsLiabilities against assets subject to finance lease
313,278 90,661
11,488,452 3,314
11,895,705
313,278 91,960
13,729,898 3,217
14,138,353
Assets at fair value through profit or lossAvailable for saleHeld to maturity
JS Investments Limited has given guarantee to the seed capital investors of JS Aggressive Income Fund forthe lock-in-period of 2 years from the respective date of issuance of seed capital, ranging fromNovember 6, 2007 to November 28, 2009. The Initial investment amount and a minimum return thereon ofeight percent (8%) per annum is covered under the above guarantee.
9. CONTINGENCIES AND COMMITMENTS
9.1 Contingencies
9.1.1 Transaction-related Contingent LiabilitiesIncludes performance bonds, bid bonds, warranties, advance payment guarantees, shipping guaranteesand standby letters of credit related to particular transactions.
- Government- Banking companies and other financial institutions- Others
9.1.2 Trade related contingent liabilities
Documentary credits
9.1.3 Other Contingencies
Claims not acknowledged as debts
9.2 Commitments
Forward purchase of government securities
Forward sale commitments
Commitments in respect of capital expenditure
Bank guarantee
Underwriting commitments
Assets acquired under operating lease
Commitments in respect of forward exchange contracts:
- Purchase
- Sale
9.2.1
Quarterly Report 200827
294,310 7,265
443,274 744,849
910,726
97,629
150,000
-
172,617
3,335
195,390
700
1,863,231
1,410,751
63,757 2,064
15,368 81,189
632,460
97,358
65,000
65,000
143,613
3,335
170,993
700
661,840
2,416,124
June 30,2008
(Audited)
September 30,2008
(Un-audited).............(Rupees in '000).............
Profit after taxation attributable to equityholders of the parentLess: Cumulative preference dividend on convertible preference sharesProfit after taxation attributable to Ordinary shareholders of the parent
Weighted average number of Ordinary sharesNumber of ordinary shares outstanding during the periodConvertible preference sharesWeighted average number of Ordinary shares adjusted for the effect of dilution
Earnings per share:- Basic- Diluted
Quarterly Report 2008 28
1,472,213-
1,472,213
17,514 (12,351)
5,163
September 30,2007
September 30,2008
.............(Rupees in '000).............
................(Un-audited)...............
763,285-
763,285
734,2577,000
741,257
.............(Number in '000).............
1.931.93
0.010.02
....................(Rupees)...................
10. BASIC AND DILUTED EARNINGS PER SHARE
September 30,2007
September 30,2008
September 30,2007
September 30,2008
Cash and bank balancesShort term running finances under mark-up arrangementsBorrowings from banks / NBFCs
2,522,867 (31,002)
(2,984,112) (492,247)
3,302,114 (3,172,644) (4,620,785) (4,491,315)
.............(Rupees in '000).............
................(Un-audited)...............
11. CASH AND CASH EQUIVALENTS
12. RELATED PARTY TRANSACTIONS
Related parties comprise of subsidiaries, associates, companies under common directorship, joint ventures,directors, key management personnel and provident fund schemes.
Significant transactions with related parties during the three months period are as follows:
September 30,2007
September 30,2008
The number of ordinary shares has increased from 222,020,000 shares on September 30, 2008 to 763,285,323shares on October 30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008and October 18, 2008 respectively. Therefore, in accordance with para 64 of International Accounting Standard33 - Earnings per share, the calculation of basic and diluted earnings per share for the quarters endedSeptember 30, 2008 and September 30, 2007 have been retrospectively adjusted.
10.1
Note
10.1
Segment results for the period ended September 30, 2008
Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerageLoss on revaluation of investments carried at fair value through profit and loss net Unallocated Revenue
Share of loss from:AssociatesJoint venture
Operating and administrative expensesFinance costReversal of provision for impairment in investments
Segment results
Unallocated expensesProfit / (loss) for the period before taxation
Taxation:SegmentUnallocated revenueDeferred
Profit / (loss) after taxation for the periodMinority interest
207,311 2,140,934
442,969 188,921
(389,687) 90,902
2,681,350
(96,398) (1,678)
2,583,274
501,702 560,052
(754) 1,061,000 1,522,274
(70,363) 1,451,911
1,997 541
(1,221) 1,317
1,450,594 21,619
1,472,213
Others
650 -
7,886 18,468
351 -
27,355
- -
27,355
84,220 659
- 84,879
(57,524)
- (57,524)
- - - -
(57,524) 6,185
(51,339)
Investmentadvisor/
assetsmanager
13,167 1,626 2,693
141,266
- -
158,752
- -
158,752
97,538 75,822 -
173,360 (14,608)
- (14,608)
1,997 - (1,221)
776
(15,384) 6,162
(9,222)
Banking
136,718 11,834
386,661 29,187
(45) -
564,355
- -
564,355
276,455 353,929
(754) 629,630
(65,275)
- (65,275)
- - - -
(65,275) 9,272
(56,003)
56,776 2,127,474
45,729 -
(389,993) -
1,839,986
(96,398) (1,678)
1,741,910
43,489 129,642 - 173,131
1,568,779
- 1,568,779
- - - -
1,568,779 -
1,568,779
CapitalMarket
Quarterly Report 2008 30
... (Rupees in '000)
O P E R AT I O N S
TOTAL
Segment results for the period ended September 30, 2007
Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerage(Loss)/gain on revaluation of investments carried at fair value through profit and loss net Unallocated Revenue
Share of profit / (loss) from:AssociatesJoint ventures
Operating and administrative expensesFinance cost
Segment results
Unallocated expensesProfit / (loss) for the period before taxation
Taxation:SegmentUnallocated revenueDeferred
Profit / (loss) after taxation for the period
Minority interest
TOTAL
149,308 98,017
273,117 166,792
(1,733) 41,925
727,426
165,206 (34)
892,598
331,739 556,984 888,723
3,875
(18,675) (14,800)
7,171 1,209 2,198
10,578
(25,378)
42,892 17,514
Others
8,037 24,269
3,883 -
(39,233) -
(3,044)
- -
(3,044)
19,033 53
19,086 (22,130)
- (22,130)
-
- -
(22,130)
- (22,130)
Investmentadvisor/
assetsmanager
292 10,199 -
136,196
- -
146,687
- -
146,687
98,815 23,962
122,777 23,910
- 23,910
3,800
(1,026) 2,774
21,136
(14,228) 6,908
Banking
95,608 (13,263) 269,234
16,645
60 -
368,284
- -
368,284
187,667 318,068 505,735
(137,451)
- (137,451)
1,980
3,224 5,204
(142,655)
57,120 (85,535)
45,371 76,812
- 13,951
37,440 -
173,574
165,206 (34)
338,746
26,224 214,901 241,125
97,621
- 97,621
1,391
- 1,391
96,230
- 96,230
CapitalMarket
Further to the recommendation of the Board of Directors of the Holding Company in their meetingheld on August 16, 2008, the Holding Company, on October 18, 2008 issued 541,256,898 bonus shares@ 243.7782003% i.e. in the proportion of 2.437782003 new Ordinary shares for every 1 Ordinary shareheld by its members according to their respective shareholdings at the book closure date.
14. POST BALANCE SHEET EVENT
... (Rupees in '000)
O P E R AT I O N S
Quarterly Report 200831
Quarterly Report 2008 32
These interim condensed consolidated financial statements were authorised for issue by the Board ofDirectors of the Holding Company in its meeting held on October 30, 2008.
15. DATE OF AUTHORISATION FOR ISSUE
Figures have been rounded off to the nearest thousand rupees.16. GENERAL
Munaf IbrahimChief Executive
Mazharul Haq SiddiquiChairman
Jahangir Siddiqui & Co. Ltd.6th Floor, Faysal House,Shahra-e-Faisal,Karachi-75530, Pakistanwww.js.com
UAN: +92 21 111 574 111Fax: +92 21 280 0163
+92 21 280 0167