| KHADIM ALI SHAH BUKHARI |
|
|
|
|
|
|
|
|
|
| &
CO. LIMITED |
|
|
| (ANNUAL
REPORT 1996-97) |
|
|
| CONTENTS |
|
| COMPANY
INFORMATION |
|
| NOTICE
OF ANNUAL GENERAL. MEETING |
|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
|
| AUDITORS'
REPORT |
|
| BALANCE SHEET |
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| CASH
FLOW STATEMENT |
|
| NOTES
TO THE ACCOUNTS |
|
| PATTERN
OF SHAREHOLDINGS |
|
| FORM OF PROXY |
|
|
| COMPANY
INFORMATION |
|
| Board
of Directors |
|
| Nasir
Ali Shah Bukhari |
|
| (Chairman
and Chief Executive) |
|
| Arif
Ali Shah Bukhari |
|
| Waqar
Ahmed Siddiqui |
|
| Qazi
Mazharul Haque |
|
| Shabbir
Hamza Khandwala |
|
| Mohammad
Saleem |
|
| Naz Chohan |
|
|
| Company
Secretary |
|
| Qazi
Mazharul Haque |
|
|
|
| Auditors |
|
| Taseer
Hadi Khalid & Co. |
|
|
| Legal Advisers |
|
| Bawaney
& Partners |
|
|
| Registered
Office |
|
| 94-95,
Stock Exchange Building |
|
| Stock
Exchange Road |
|
| Karachi-74000,
Pakistan |
|
| Ph:
2429530-4 & 111-222-000 |
|
| Fax:
(92-21) 2412911 & 111-222-001 |
|
| E-mail:
kasbkhi @ paknet3.ptc.pk |
|
|
| Corporate
Office |
|
| 6th
Floor, Trade Centre |
|
| I.I.
Chundrigar Road |
|
| Karachi-74200,
Pakistan |
|
| Ph:
2635501 (10 lines) & 111-222-000 |
|
| Fax:
(92-21) 2630202 & 111-222-001 |
|
| E-mail:
kasb@theoffice.net |
|
|
| Islamabad
Office |
|
| Suite
C, l st Floor, Saudi Pak Tower |
|
| 61-A,
Jinnah Avenue, Blue Area |
|
| Islamabad-44000,
Pakistan |
|
| Ph:
821870-71 & 111-222-000 |
|
| Fax:
(92-51) 821825 & 111-222-001 |
|
| E-mail:
kasbisb@paknetl .ptc.pk |
|
|
| Lahore Office |
|
| Suite
# 1, 1 st Floor, Business Centre |
|
| Main
Boulevard, 73 Shadman I |
|
| Lahore-54000,
Pakistan |
|
| Ph:
7550727, 7550733 & 111-222-000 |
|
| Faxi
(92-42) 7551160 & 111-222-001 |
|
| E-mail:
kasblhr@paknet 1 .ptc.pk |
|
|
| Peshawar
Office |
|
| 19,
1st Floor, Super Market |
|
| Cantonment
Plaza, Saddar |
|
| Peshawar-25000,
Pakistan |
|
| Ph:
284891-92 & 111-222-000 |
|
| Fax:
(92-0521) 284893 & 111-222-001 |
|
| E-mail:
skhadim@paknetl .ptc.pk |
|
|
| Registrar
and Share |
|
| Transfer
Office |
|
| THK
Associates (Pvt.) Ltd. |
|
| Sheikh
Sultan Trust Building No. 2 |
|
| Beaumont
Road, Karachi-75530, Pakistan |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
| Notice
is hereby given that the Sixth Annual General Meeting of Khadim Ali Shah
Bukhari & Co. Limited |
|
| will
be held on Wednesday, December 17, 1997 at 12:00 noon at the Corporate Office
of the Company, |
|
| 6th
Floor, Trade Centre, I.I. Chundrigar Road, Karachi to transact the following
business: |
|
|
| 1.
To confirm the minutes of the Fifth Annual General Meeting of the Company
held on |
|
| December
17, 1996. |
|
|
| 2.
To receive, consider and adopt the audited accounts of the Company together
with the Directors' and |
|
| the
Auditors' reports thereon for the year ended June 30, 1997. |
|
|
| 3.
To appoint auditors of the company for the year ending June 30, 1998 and to
fix their remuneration. |
|
| The
present auditors, Messrs Taseer Hadi Khalid & Co., Chartered Accountants,
retire and being |
|
| eligible,
offer themselves for reappointment. |
|
|
| 4.
To consider any other business with the permission of the Chair. |
|
|
| Notes: |
|
|
| 1.
The share transfer books of the Company will remain closed from December 5,
1997 to |
|
| December
17, 1997 (both days inclusive) to determine the names of members entitled to
attend |
|
| the meeting. |
|
|
| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend. speak |
|
| and
vote for him/her. A proxy must be a member of the Company. |
|
|
| 3.
In order to be valid, an instrument of proxy and the power of attorney or
other authority, if any, |
|
| under
which it is signed, or a notarially certified copy of such power of attorney,
must be |
|
| deposited
at the Registered Office of the Company, 94-95, Stock Exchange Building,
Stock |
|
| Exchange
Road, Karachi not less than 48 hours before the time of the meeting. |
|
|
| 4.
Members are requested to notify any change in their registered addresses
immediately. |
|
|
|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
|
| The
Directors are pleased to present the sixth annual report together with the
audited accounts of the |
|
| company
for the year ended June 30, 1997. |
|
|
| Pakistan's
Capital Markets did not perform well during 1996-97. Not-withstanding
numerous fiscal |
|
| concessions
and other measures announced by the Government during the year the share
price index failed |
|
| to
sustain improvement. Your company has also been affected due to these adverse
conditions. Brokerage |
|
| revenue
and other fee based revenues have shown a considerable improvement of 27.24%,
amounting to |
|
| Rs.
115.30 million compared to Rs. 90.61 million in the previous year. However,
due to capital loss of |
|
| Rs.
21.85 million on sale of investments overall revenue has declined by 10.48%
to Rs. 93.45 million as |
|
| against
Rs. 104.39 million in 1996. Administrative expenses have increased by 15.32%
to Rs. 98.76 |
|
| million.
The increase is due to bad debts written off amounting to Rs. 13.05 million.
Financial expenses |
|
| have
declined by 46.30% to Rs. 10.09 million against Rs. 18.79 million in the last
year. A provision for |
|
| diminution
of short and long term investments for Rs. 10.51 million has been provided.
The year 1997 |
|
| shows
a net loss of Rs. 24.77 million as against profit of Rs. 14.97 million in
1996. The results are not in |
|
| line
with the earlier expectations of the management but a marked improvement has
been achieved in the |
|
| second
half of the year. Administrative expenses, other than the bad debts written
off, are almost the same |
|
| as
last year. Cash flow situation has improved considerably as cash generated
from operations increased |
|
| by
Rs. 88.70 million compared to a decline of Rs. 7.57 million in 1996. |
|
|
| Trade
debts have been brought down considerably to Rs. 166.19 million as against
Rs. 479.64 million in |
|
| the
last year. Similarly, creditors and other liabilities have fallen to Rs.
132.88 million from Rs. 366.52 |
|
| million
in 1996. This trend is continuing. The core business activity has sustained
growth. The revenue |
|
| stream
has improved in line with the last six months of the year under review and
marked reduction in |
|
| financial
expenses and other administrative expenses have been achieved which may have
a healthy |
|
| impact
in our next year of operation, subject to improvements in the overall
business climate. |
|
|
| EQUITY TRADING |
|
| Share
trading during 1996-97 did not lift the indices of share prices. KSE 100
index and SBP general index |
|
| of
share prices both declined by 8.1% and 16% respectively. Due to depressive
stock market conditions, |
|
| the
share prices of only 99 companies recorded any increase. |
|
|
| The
volume of trading of shares set a new record of 8.1 billion shares during
1996-97 as precarious |
|
| economic
conditions lead most institutional stock holders to take advantage of any
market rallies and off |
|
| load
their stocks. The new issues markets were relatively thin during 1996-97 with
shares worth only |
|
| Rs.
2 billion being offered. Only Rs. 0.6 billion worth of shares were
subscribed. The rest of the shares |
|
| were
picked up by the underwriters. |
|
|
| Your
company's equity brokerage has shown an increase of 12.31% in the period
under review. KASB has |
|
| once
again been selected by Euromoney as the "best domestic securities
firm" in Pakistan for the fourth |
|
| year
in a row. Our equity sales group has grown to 10 full time sales executives
covering institutional |
|
| clientele
internationally and in the domestic market. Our experience with individual
clients has not been |
|
| fruitful.
Rather we suffered heavily due to losses of individual clients resulting in
bad debts. Your |
|
| company
would continue to focus on quality business of our institutional clientele
and focus on customer |
|
| service
and set higher standards of service in the industry. |
|
|
| The
recent development of computer trading system installed at Karachi Stock
Exchange would provide |
|
| us
an opportunity to service our clientele base, international and domestic
both, in a more comprehensive |
|
| and
efficient manner. The dominance which your company enjoys in terms of its
share of the |
|
| institutional
business would have a positive impact on our brokerage revenues. We remain
excited by the |
|
| growth
prospect of this core sector of your company's business. |
|
|
| RESEARCH |
|
| Research
can be described as the fundamental and most important area of your company.
In this area of |
|
| business
activities. your company has now entered into a joint venture with Merrill
Lynch, whereby |
|
| research
is jointly prepared by our analysts with regional and global input from
Merrill's analysts. It is |
|
| distributed
to the world-wide client network of Merrill Lynch as well. The full impact of
this effort would |
|
| be
evident later than the period under review as the first research was
distributed only in the last two |
|
| months
of the year under review. We are extremely pleased with the developments in
this area. |
|
|
| We
currently have four research analysts and a senior economist conducting
comprehensive company and |
|
| sectorial
research as well as providing macroeconomic outlook. Our analysts are being
provided training |
|
| and
full technical support by Merrill Lynch. |
|
|
| The
distribution of Pakistan research through the world-wide network of Merrill
Lynch would also allow |
|
| this
department to selectively expand in the next fiscal year and better
technology would be employed. |
|
|
| MONEY
MARKET AND FOREX BROKERAGE |
|
| Revenue
in this area has been relatively low for the year ended June 30, 1997. Our
activities in the Money |
|
| Market
and Foreign Exchange brokerage business generated revenues which totalled
Rs.16.64 million |
|
| which
is lower by 21.57% compared to Rs. 21.22 million last year. |
|
|
| Our
business in this area revolves around the brokerage of government and the
public sector securities and |
|
| inter-bank
forex transactions between financial institutions. We have strengthened our
desk for money |
|
| market
and forex by inducting more qualified and experienced sales team. State Bank
of Pakistan is |
|
| continuing
the reform program initiated a few years back for the development of this
market. Some |
|
| institutions
have also started to initiate trades directly, this resulted into reduced
brokerage activities. The |
|
| management
of your company believes that by providing better customer service and
innovative ideas |
|
| brokerage
revenues would improve. We have also insured to improve the quality of our
human resource |
|
| by
imparting training to our sales force. |
|
|
| FIXED INCOME |
|
| The
recent incentives provided by the Government for the development of Term
Finance Certificate (TFC) |
|
| market
has provided additional boost to our activities in the fixed income business.
We are at the forefront |
|
| of
the development of secondary market for TFCs. We have also been successful in
developing a core |
|
| group
of customer base for TFCs issued by Pakistani corporates. KASB is committed
to playing a leading |
|
| part
in the expansion of this business and the management of your company feels
that this is the area where |
|
| we
can expect growth and very high returns with moderate risk. |
|
|
| CORPORATE
FINANCE |
|
| This
area of our business is performing steadily. We have seen substantial
increase in our revenue |
|
| amounting
to Rs. 34.84 million as compared to Rs. 10.00 million in the previous year.
This group is also |
|
| focussing
on structuring corporate debt and TFCs for large Pakistani corporations.
Liberalising of the |
|
| economy,
while limiting direct government involvement in business, is creating
opportunities for |
|
| privatisation
and disinvestment. KASB has been jointly mandated for disinvestment of 49% of
the |
|
| Government
holdings in Allied Bank of Pakistan Limited. |
|
|
| KASB's
corporate finance group (CFG) is well positioned to take full advantage of
the burgeoning |
|
| opportunities.
With access to the international resources of Merrill Lynch and deepening
local expertise, |
|
| especially
in the area of capital markets, CFG aims to increase its market share in
terms of number of |
|
| transactions
as well as revenue generated in the coming year. |
|
|
| HUMAN
RESOURCES |
|
| KASB
believes that its people, their motivation and dedication to professionalism,
quality and innovation, |
|
| that
add lasting value to each and every customer relationship, are its main
asset. Your company |
|
| continues
to strive to create a culture of mutual trust and satisfaction with emphasis
on respect and |
|
| dignity
to employees, reward and recognition. We have focused on improving the
quality of our |
|
| employees
by providing continuous training. Our relationship with Merrill Lynch also
envisages training |
|
| of
our employees at Merrill's offices in Asia. The total number of employees
have shrunk to 134 as |
|
| compared
to 157 in ! 996 and we are continuing to streamline various departments.
Groups of employees' |
|
| "Ideas
Forums" have been set up which have contributed in a healthy manner to
the restructuring and |
|
| refocussing
of our activities. Emphasis is on doing little things with perfection. |
|
|
| INFORMATION
TECHNOLOGY |
|
| To
support our core business and achieve our competitive advantage, we have
committed significant |
|
| resources
to improving technology. In order to develop a better communication system
within our |
|
| branches
and clientele, we are in the process of setting up a new communication and
data processing |
|
| network.
Softwares have been rewritten. New central processing unit and hardwares are
being installed. |
|
| Our
employees are being continuously provided training to keep them updated on
technological |
|
| developments.
New employees have been added to further strengthen the quality of our
information |
|
| technology
department |
|
|
| RISK
MANAGEMENT |
|
| The
issue of risk management is closely related to our efforts to upgrade our
technology,. We feel that in |
|
| the
critical area of managing counter party risk, our own internal systems are to
be developed further to |
|
| reduce
the potential risk. We have suffered to some extent in handling individual
client business. We are |
|
| now
focusing on three key elements: |
|
|
| (i)
Communication |
|
| (ii)
Controls and guidelines |
|
| (iii)
Risk technology |
|
|
| Based
on these we would now follow a more rigorous procedure of monitoring,
evaluating and managing |
|
| the
risk and exposure of the company. We are relying on more technology support
in the belief that there |
|
| is
more to risk management than identifying and measuring risk. The process
itself has been strengthened |
|
| by experience. |
|
|
| The
financial results of the company for the year ended June 30, 1997 are
summarized as follows |
|
|
| The
net loss of the company for the year before provision for |
|
| diminution
in value of investments and taxation is |
(10,830) |
|
|
|
|
| Provision
for diminution in value of investments' |
(10511) |
|
|
---------- |
|
| Loss
before taxation |
|
(21,341) |
|
|
---------- |
|
| Taxation
- Current year |
|
(4,353) |
|
| Prior year |
|
921 |
|
|
---------- |
|
| Loss
after taxation |
|
(3,432) |
|
|
---------- |
|
| Unappropriated
profit brought forward |
|
(24,773) |
|
| Unappropriated
profit carried forward |
|
105,297 |
|
|
---------- |
|
|
80,524 |
|
|
========== |
|
|
| You
are requested to appoint auditors for 1997 and fix their remuneration. The
present auditors, |
|
| Taseer
Hadi Khalid & Co., Chartered Accountants, retire and offer themselves for
reappointment. |
|
|
| The
pattern of shareholdings as required by section 236 of the Companies
Ordinance, 1984 is enclosed. |
|
|
| Finally,
the Directors would like to thank our shareholders for their support in the
difficult times and our |
|
| staff
for their excellent performance during the year. We also wish to thank our
clients for their continued |
|
| patronage.
The directors look at the future with confidence and will make all possible
endeavour to |
|
| maintain
sustained growth. |
|
|
| On
behalf of the Board of Directors |
|
|
| Taseer
Hadi Khalid & Co. |
|
| Chartered
Accountants |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of KHADIM ALl SHAH BUKHARI & CO. |
|
| LIMITED
as at 30 June 1997 and the related profit and loss account and cash flow
statement, |
|
| together
with the notes forming part thereof, for the year then ended, and we state
that we have |
|
| obtained
all the information and explanations which to the best of our knowledge and
belief were |
|
| necessary
for the purposes of our audit and after due verification thereof we report
that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984: |
|
|
| (b)
in our opinion: |
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984 and are in |
|
| agreement
with the books of account and are further m accordance with accounting |
|
| policies
consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's |
|
| business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| vear
were in accordance with the objects of the Company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to |
|
| us,
the balance sheet, profit and loss account and the cash flow statement,
together with the |
|
| notes
forming part thereof, give the information required by the Companies
Ordinance, |
|
| 1984
in the manner so required ,and respectively give a true and fair view of the
state of the |
|
| Company's
affairs as at 30 June 1997 and of the loss and cash flow for the year then
ended; |
|
| and |
|
|
| (d)
in our opinion, zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 was |
|
| deducted
by the Company and deposited in the Central Zakat Fund established under |
|
| Section
7 of that Ordinance. |
|
|
| BALANCE
SHEET AS AT JUNE 30, 1997 |
|
|
|
Note |
1997 |
1996 |
|
|
(Rupees in thousand) |
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital |
|
| 40,000,000
ordinary shares of Rs. 10 each |
|
400,000 |
400,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
| 11,119,680
ordinary shares of Rs. 10 each |
3 |
111,197 |
111.20 |
|
|
|
|
| Share premium |
|
|
70,004 |
70,004 |
|
|
|
|
|
|
80,524 |
105,297 |
|
| Unappropriated
profit |
|
|
---------- |
---------- |
|
|
|
261,725 |
286,498 |
|
|
|
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
| TO
FINANCE LEASE |
|
4 |
1,515 |
519 |
|
|
| DEFERRED
LIABILITIES |
|
| Staff
retirement gratuity |
|
2,319 |
1,552 |
|
|
| CURRENT
LIABILITIES |
|
---------- |
---------- |
|
| Running
finance under mark-up arrangements |
5 |
19,805 |
63,395 |
|
| Current
maturity of assets subject |
|
|
| to
finance lease |
|
4 |
859 |
438 |
|
|
|
|
|
| Creditors,
accrued and other liabilities |
6 |
132,877 |
366,520 |
|
|
|
|
| Proposed
dividend |
|
- |
5,560 |
|
|
---------- |
---------- |
|
|
153,541 |
435,913 |
|
|
---------- |
---------- |
|
|
419,100 |
724,482 |
|
|
========== |
========== |
|
|
| FIXED ASSETS |
|
7 |
42,317 |
41,565 |
|
| ROOMS,
BOOTHS AND MEMBERSHIP CARD |
8 |
18,699 |
18,699 |
|
| LONG
TERM DEPOSIT |
|
|
- |
690 |
|
| LONG
TERM RECEIVABLE |
|
9 |
6,120 |
9,180 |
|
| LONG
TERM INVESTMENTS - NET |
|
10 |
88,063 |
94,063 |
|
|
|
---------- |
---------- |
|
| CURRENT ASSETS |
|
|
|
| Short
term investments - net |
|
11 |
41,890 |
46,421 |
|
| Trade debts |
|
12 |
166,193 |
479,635 |
|
| Advances,
deposits, prepayments |
|
|
| and
other receivables |
|
13 |
15,530 |
19,253 |
|
|
|
|
|
| Taxation |
|
|
6,237 |
7,214 |
|
| Cash
and bank balances |
|
14 |
34,051 |
7,762 |
|
|
|
---------- |
---------- |
|
|
|
263,901 |
560,285 |
|
|
---------- |
---------- |
|
|
419,100 |
724,482 |
|
|
========== |
========== |
|
|
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1997 |
|
|
Note |
1997 |
1996 |
|
|
|
(Rupees in thousand) |
|
|
|
|
| Brokerage
revenue |
|
15 |
64,676 |
64,689 |
|
| Other
operating revenue |
|
16 |
50,622 |
25,925 |
|
| Capital
(1oss)/gain on investments |
17 |
(21,847) |
13,778 |
|
|
|
---------- |
---------- |
|
|
|
93,451 |
104,392 |
|
| Administrative
expenses |
|
18 |
{98,764) |
(85,640) |
|
|
|
---------- |
---------- |
|
| Operating
(loss)/profit |
|
|
(5,313) |
18,752 |
|
| Other income |
|
19 |
4,574 |
16,321 |
|
|
|
---------- |
---------- |
|
|
|
(739) |
35,073 |
|
| Financial
expenses |
|
20 |
(10,091) |
(18,792) |
|
|
|
---------- |
---------- |
|
|
|
(10,830) |
16,281 |
|
| Provision
for diminution |
|
|
|
| in
value of investments |
|
|
(10,511) |
(1,174) |
|
|
|
---------- |
---------- |
|
| (Loss)/profit
before taxation |
|
|
(21,341) |
15,107 |
|
|
|
---------- |
---------- |
|
| Taxation |
- Current year |
|
|
-4,353 |
(1,575) |
|
|
- Prior year |
|
|
921 |
1,439 |
|
|
|
---------- |
---------- |
|
|
|
(3,432) |
(136) |
|
|
|
---------- |
---------- |
|
| (Loss)/profit
after taxation |
|
|
(24,773) |
14,971 |
|
|
|
|
| Unappropriated
profit brought forward |
|
105,297 |
95,886 |
|
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
80,524 |
110,857 |
|
|
|
|
| Appropriations: |
|
|
---------- |
---------- |
|
| Proposed
cash dividend Nil (1996: @ 5%) |
|
- |
5,560 |
|
| Unappropriated
profit carried forward |
|
80,524 |
105,297 |
|
|
========== |
========== |
|
|
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
| NOTES
TO THE CASH FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 1997 |
|
Page 1 of 2 |
|
|
|
|
|
Note |
1997 |
1996 |
|
|
|
(Rupees in thousand) |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Cash
generated from operations |
|
A |
88,700 |
(7,569) |
|
| Financial
charges paid |
|
|
(15,163) |
(17,828) |
|
| Income
tax paid |
|
|
(2,455) |
(5,525) |
|
|
|
---------- |
---------- |
|
| Net
cash inflow/(outflow) from operating activities |
71,082 |
(30,922) |
|
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Capital
expenditure |
|
(5,025) |
(13,590) |
|
| Sale
proceeds of fixed assets |
|
1,330 |
1,635 |
|
| Net
decrease in long term deposits |
|
690 |
177 |
|
| Net
decrease/(increase) in long term receivable |
3,060 |
(434) |
|
| Net
decrease in long term investments |
|
- |
13,636 |
|
| Mark-up
and other income received |
|
5,142 |
15,164 |
|
|
---------- |
---------- |
|
| Net
cash inflow from investing activities |
|
5,197 |
16,588 |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Short
term finance from banks |
|
- |
( 121,989) |
|
| Dividend paid |
|
(5,547) |
(5,039) |
|
| Payment
of finance lease liabilities |
|
(853) |
(549) |
|
|
---------- |
---------- |
|
| Net
cash (outflow) from financing activities |
|
(6,400) |
(127,577) |
|
|
---------- |
---------- |
|
| Net
increase/(decrease) in cash and cash equivalents |
69,879 |
(141,911 |
|
| Cash
and cash equivalents at beginning of year |
B |
(55,633) |
86,278 |
|
|
|
---------- |
---------- |
|
| Cash
and cash equivalents at end of year |
B |
14,246 |
(55,633) |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of this statement. |
|
|
|
| (A)
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
| (Loss)/profit
before taxation |
|
(21,341) |
15,107 |
|
| Add/(less)
adjustments for non-cash charges |
|
