2004

2003

Note

Rupees

Rupees

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

163,216,327

145,246,978

Adjustment for non cash and other items

Depreciation on fixed assets

5.1

3,419,776

3,251,224

Provision for losses on term finances / credit facilities

9.5

3,384,600

25,500,000

Amortisation of intangible assets

7

1,416,660

1,416,667

Loss / (gain) on sale of fixed assets

5.3

397,433

(276,711)

8,618,469

29,891,180

Long-term security deposits

(567,000)

132,000

Cash flows from operating activities before working capital changes

171,267,796

175,270,158

Effect on cash flows due to working capital changes

33

59,104,691

(193,897,798)

Income tax paid

(49,672,075)

(21,284,381)

Net cash inflow / (outflow) from operating activities

180,700,412

(39,912,021)

CASH FLOW FROM INVESTING ACTIVITIES

Stock exchange membership card and room

(43,950,000)

          -

Capital expenditure

(6,176,391)

(2,172,645)

Long-term loans and term finances

48,207,384

(141,868,746)

Sale proceeds from disposal of fixed assets

492,024

620,107

Net cash outflow from investing activities

(1,426,983)

(143,421,284)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of right shares

              -

100,000,000

Certificates of deposit - net

(97,950,000)

104,649,009

Long-term loans

81,061,295

63,686,021

Dividend paid

(59,549,145)

(29,808,731)

Net cash (outflow) / inflow from financing activities

(76,437,850)

238,526,299

Net increase in cash and cash equivalents

102,835,579

55,192,994

Cash and cash equivalents of the beginning of the year

91,456,620

36,263,626

Cash and cash equivalents at the end of the year

194,292,199

91,456,620