Half-Year Ended

December 31,

December 31,

2003

2002

------------------ Rupees ------------------

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

86,982,975

72,429,059

Adjustment for non-cash and other items

Depreciation on fixed assets

1,585,072

1,711,528

Provision for potential losses on term finances / credit facilities

18,000,000

10,500,000

Amortisation of intangible assets

708,330

754,298

Loss on sale of fixed assets

151,875

19,365

20,445,277

12,985,191

Cash flows from operating activities before working capital changes

107,428,252

85,414,250

Effect on cash flows due to working capital changes

5,894,523

21,928,243

Income tax paid

(34,215,038)

(7,714,952)

Net cash inflow from operating activities

79,107,737

99,627,541

CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure

(36,786,401)

(1,828,065)

Long term investment

-

(10,000,000)

Long term loans and term finances

12,247,161

(111,230,845)

Long term security deposits

75,000

-

Sale proceeds from disposal of fixed assets

123,066

156,607

Net cash outflow from investing activities

(24,341,174)

(122,902,303)

CASH FLOW FROM FINANCING ACTIVITIES

Certificates of deposit

(82,250,000)

107,030,716

Long-term loans

15,981,304

(20,267,842)

Dividend paid

(59,287,345)

(28,079,786)

Net cash (outflow) / inflow from financing activities

(125,556,041)

58,683,088

Net (decrease) / increase in cash and cash equivalents

(70,789,478)

35,408,326

Cash and cash equivalents at the beginning of the period

91,456,620

36,263,626

Cash and cash equivalents at the end of the period

20,667,142

71,671,952