Quarterly Report: March 31, 2005 (Unaudited) - Statement of Changes in Equity

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED MARCH 31, 2005 (UNAUDITED)

	2005	2004
	Rupees	Rupees
Share Capital
Issued, subscribed and paid-up capital	300,000,000	300,000,000
Issue of bonus shares	30,000,000	-
	330,000,000	300,000,000
Statutory reserve
Beginning balance	72,243,516	48,871,226
Transferred during the period	-	-
Ending balance	72,243,516	48,871,226
Securities price fluctuation reserve
Beginning balance	15,000,000	-
Transferred during the period	-	-
Ending balance	15,000,000	-
Unappropriated profit
Beginning balance	67,915,040	50,484,913
Effect of change in accounting policy
Appropriations declared subsequent to the year-end-added back
- Dividend	30,000,000	60,000,000
- Bonus share	30,000,000	-
	60,000,000	60,000,000
Effect of change in accounting policy	127,915,040	110,484,913
Appropriations declared subsequent to the year end
- Dividend	(30,000,000)	(60,000,000)
- Bonus share	(30,000,000)	-
	(60,000,000)	(60,000,000)
	97,239,242	81,998,159
Net profit for the period	165,154,282	132,483,072
Ending balance	582,397,798	481,354,298

Total shareholders' equity
Beginning balance	485,158,556	399,356,139
Effect of change in accounting policy
Appropriations declared subsequent to the year end-added back
- Dividend	30,000,000	60,000,000
	515,158,556	459,356,139
Effect of change in accounting policy
Appropriations declared subsequent to the year end
-Dividend	(30,000,000)	(60,000,000)
Increase - net	97,239,242	81,998,159
Ending balance	582,397,798	481,354,298

Notes to the financial statements for the quarter ended March 31, 2005

1. The accounting policies adopted for the preparation of these financial statements are same as those applied in preparing the financial statements for the year ended June 30, 2004 except for the change made in half yearly published accounts in line with the directives of SECP vide SRO 589(1)/2004.

2. These quarterly financial statements have been prepared in compliance with the requirements of International Accounting Standards IAS 34 "Interim Financial Reporting".

3. These financial statements are unaudited and are being submitted to shareholders as per the notification no. 2(52)/SE/2001 dated November 5, 2001, of Securities & Exchange Commission of Pakistan.

4. Investments which are acquired principally for the purpose of generating a profit from short term fluctuations in price or dealer's margin are classified as held-for-trading. Investments with fixed maturity where Management has both the intent and ability to hold to maturity are classified as held-to-maturity, while investments which do not fall under any categories are classified as available for sale.

5. At any date, all marketable government and equity securities and term finance certificates are mark to market in accordance with the guidelines contained in the SBP's BSD No. 20 dated 04 August 2000. The difference between carrying value and revalued amount is taken to surplus/(deficit) on revaluation of securities and shown separately in the balance sheet below shareholders' equity in accordance with the said circular.

6. Certain prior figures have been re-arranged, wherever necessary to facilitate the comparison.

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