December 31,

December 31,

2004

2003

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

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

39,694,121

86,982,975

Adjustment for non-cash and other items

Depreciation on fixed assets

1,753,187

1,585,072

Allowances for potential losses on term finance / credit facilities

9,500,000

18,000,000

Amortisation on intangible assets

472,229

708,330

(Gain) / loss on sale of fixed assets

(260,292)

151,875

11,465,124

20,445,277

Cash flows from operating activities before working capital changes

51,159,245

107,428,252

Effect on cash flows due to working capital changes

22,781,758

5,894,523

Income tax paid

(41,951,586)

(34,215,038)

Net cash inflow from operating activities

31,989,417

79,107,737

CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure

(7,112,962)

(36,786,401)

Long-term loans and term finances - net

(93,437,981)

12,247,161

Long term security deposits

18,000

75,000

Sale proceeds from disposal of fixed assets

960,000

123,066

Net cash (outflow) / inflow from investing activities

(99,572,943)

(24,341,174)

CASH FLOW FROM FINANCING ACTIVITIES

Certificates of deposit

(2,065,000)

(82,250,000)

Long-term loans

247,489,244

15,981,304

Dividend paid

(27,823,581)

(59,287,345)

Net cash inflow / (outflow) from financing activities

217,600,663

(125,556,041)

Net increase / (decrease) in cash and cash equivalents

150,017,137

(70,789,478)

Cash and cash equivalents of the beginning of the period

194,292,199

91,456,620

Cash and cash equivalents at the end of the period

344,309,336

20,667,142