QUARTERLY  ACCOUNTS  (JAN - MAR 2003)




CONTENTS
 








COMPANY INFORMATION		    

Board of Directors
Mrs. Sughra Mahmood		  
  Mr. Klaus Triendl  
  Ms. Hermance Bernier  
  Mr. Taj ud Deen Kurji  
  Mr. Anthony Rustin  
  Mr. Stephane Mailhot  
  Mr. Khurshid Hadi  
  Mr. Muhammad Khalid Rashid  
  Mr. Imtiaz Hizkil  


Chief Executive

Mr. Ali Mahmood		  

Chief Financial Officer
& Company Secretary

Mr. Riaz Pesnani		  


Auditors

Taseer Hadi Khalid & Co		  
Chartered Accountants  


Bankers of the Company

ABN Amro Bank N. V.		  
Allied Bank of Pakistan  
Faysal Bank Limited  
  ANZ Bank  
Askari Commercial Bank Limited  
Crescent Investment Bank Limited  
Habib Bank AZ Zurich  
Muslim Commercial Bank Limited  
  National Bank of Pakistan (formerly National Development Finance Corporation)  
Prime Commercial Bank Limited  
Saudi Pak Commercial Bank Limited  
United Bank Limited  
  UFJ Bank Limited  
Standard Chartered Bank  


Registered Office

6th Floor, 90-West Razia Sharif Plaza, Blue Area		  
Islamabad - 44000, Pakistan  
Tel:  (92-51) 227 8118, 227 9230-1  
Fax: (92-51) 282 5465  


Share Department

6th Floor, 90-West Razia Sharif Plaza, Blue Area		  
Islamabad - 44000, Pakistan  
Tel:  (92-51) 227 8118, 227 9230-1  
Fax: (92-51) 282 5465  


Plant

Raiwind, District Lahore		  
   
   
     
     
     









DIRECTOR'S REVIEW

Your directors are pleased to present before you un-audited accounts of the Company for the quarter ended March 31, 2003.


Profitability

The profiability and earning per share (EPS) of the Company is shown in the follwoing table:

 
For the Quarter
Jan - Mar
(3 Months)
Year-to-Date
July - Mar
(9 Months)

Net Profit 2002-03 - (Rs. '000)

40,072

265,167

Net Profit 2001-02 - (Rs. '000)

82,825

270,192

Earning per share (basic) 2002-03 - (Rupees)

0.43

2.85

Earning per share (basic) 2001-02 - (Rupees)

0.89

2.90

As could be seen from the above figures, the profit and EPS of the Company for the quarter ended March 31, 2003 is lower than the same period last year, however, the year-to-date performance is substantially in line with last year's results.

During the quarter under review, major overhaul of plant under V2 type maintenance programme (required after every 12,000 running hours of engines) was carried out which lead to higher consumption of stores & spares and rapaires & maintenance costs resulting in lower profitability as compared to previous. Since these costs were already provided for in the financial projections, the annual budgeted profitability of the company is in line with the earlier projections.
Plant Operation

The energy dispatched during the current quarter was 53% of plant capacity as compared to 47% for the same quarter previous year. The plant is now being utilized significantly more than previous periods and this pattern is expected to continue as WAPDA places increasingly greater emphasis on power from the thermal units, including IPP's.

The Directors wish to thank the staff for their contribution to the Company's success and the shareholders and the lenders for their continued support.

FOR AND ON THE BEHALF OF THE BOARD
Dated: February 20, 2002   Ali Mahmood
Islamabad   Chief Executive
     
     
     












BALANCE SHEET AS AT MARCH 31, 2003 (UN-AUDITED)

Mar 31, 2003
  
June 30, 2002
 
Rupees '000
  
Rupees '000

CAPITAL		      

Authorised 		     
  150,000,000 ordinary shares of      
  Rs 10 each
1,500,000
  
1,500,000
   

Issued, subscribed and paid up
  93,188,013 ordinary shares of
  Rs 10 each issued for cash
931,880
931,880
UNAPPROPRIATED PROFIT
1,044,791
  
779,624
 
 
 
1,976,671
  
1,711,504

ADVANCE AGAINST ISSUE OF SHARES


204,261
  


-

SPONSORS' SUPPORT / TERM FINANCE CERTIFICATES


300,000
 


300,000

LONG TERM LOANS - SECURED

4,327,120
  

4,572,150

DEFERRED LIABILITY-for staff gratuity

12,965
  

14,662


CURRENT LIABILITIES
 

 
 
Current portion of long term loans
Short term borrowing - secured
Creditors, accrued and other liabilities
Proposed Dividend
.....496,506
581,073
227,200
-....
 
546,573
28,754
506,824
139,782
 
1,304,779
1,622,582
CONTINGENCIES AND COMMITMENTS
--....
 
--....
 

 

 
8,125,796
  
8,220,898
 
 
       
     
OPERATING FIXED ASSETS
6,660,146
7,025,656

CAPITAL WORK IN PROGRESS

53,621
  

30,423

CURRENT ASSETS
Stores, spares and tools
Stock in trade
Trade debtor - secured
Advances,deposits, prepayments and other receivables
Cash and bank balances
207,111
105,706
619,048

218,793
261,371
103,087
36,410
805,926

175,997
43,399
1,412,029
1,164,819


8,125,796
8,220,898
       
These accounts were authorized for issue by the Board of Directors of the company on April 29, 2003.


Islamabad:

Chief Executive


Director
 
       
       












CASH FLOW STATEMENT FOR THE THIRED QUARTER ENDED MARCH 31, 2003 (UN-AUDITED)
 
Nine Months
Period Ended
Mar 31, 2003
  
Nine Months
Period Ended
Mar 31, 2002
 
 
 
Rupees '000
  
Rupees '000

CASH FLOW FROM OPERATING ACTIVITIES  		   

Profit for the half year

265,167

270,192

Adjustments for non cash charges/(credits) and other items
  Depreciation
174,931
  
176,509
  Provision for gratuity
2,155
  
2,890
  Interest income
(5,829)
  
(17,472)
  Excange differences
(650)
  
(798)
  Financial Charges
           389,580
  
422,345
   
 
   
825,354
853,666

Working capital charges
(Increase)/decrease in current assets
  Store, spares and tools
(104,024)
5,392
  Stock in trade
(69,296)
386
  Trade debtor
(186,879)
(295,361)
  Advances, deposits, prepayments and
     other receivable
(42,796)
(21,996)
  Increase / (Decrease) in current liabilities
         (146,414))
               (54,384)
   
 
   
(175,651)
(365,963)
  Gratuity paid
(3,852)
(334)

 
Net cash generated from operations
645,851
487,369
 


CASH FLOW FROM INVESTING ACTIVITIES
       
Operating fixed assets
Capital Work in progress
Interest received
(17,397)
(23,198)
5,829
 
(10,958)
(9,756)
17,472
Net cash used in investing activities
(34,766)
  
(3,242)
       

CASH FLOW FROM FINANCING ACTIVITIES		      
       
Advance against issue of shares
Sponsor's support / TFC's
Long term loans
Short term borrowing
204,261
--------
(70,644)
(830,616)
 		  
--------
(14,143)
(332,752)
(215,197)
 
Net cash used in financing activities
           (696,999)
  
(562,092)
 
 

Net decrease in cash and cash equivalents

(85,914)

(77,965)

Cash and cash equivalents at the beginning of the period


               (233,788)


                     22,699
 
 

Cash and cash equivalents at the end of the period

(319,702)
  

(55,266)
 
 

   
Chief Executive


Islamabad 		    Director 
November 30, 2000 Chief Executive  
Director
       
       


       
       
 











PROFIT AND LOSS ACCOUNT
FOR THE QUARTER ENDED MARCH 31, 2003 (UN-AUDITED)
 
Quarter Ended
Period Ended
 
Mar 31, 2003
(3 months)
Mar 31, 2002
(3 months)
Mar 31, 2003
(9 months)
Mar 31, 2002
(9 months)
   
 		  
 
 
Rupees '000
Rupees '000
 
Turnover
721,613
616,123
1,979,595
1,517,572
Operating Costs
533,285
380,584
1,279,417
787,529
 
Gross profit

188,328
235,539
700,178
730,043
Administration and general expenses



Financial and other Charges

18,070




130,829

19,606




134,248

51,910




389,580

55,776




422,345
 
148,899
153,854
441,490
478,121
 
Operating Profit
39,429
81,685
258,688
251,922

Other income

643

1,140

6,479

18,270
 
Profit for the period
40,072
82,825
265,167
270,192

Unappropriated profit brought forward

1,004,719
764,619
779,624
577,252
 

Unappropriated profit brought forward
1,044,791
847,444
1,044,791
847,444
 
Earning per share - basic (Rupees)
0.43
0.89
2.85
2.90
 


Chief Executive




Director
         
         

















STATEMENT OF CHANGES IN EQUITY   
FOR THE THIRD QUARTER ENDED MARCH 31, 2003 (UN-AUDITED)


 
Share Capital
  
Accumulated Profit
 
Total
 

Rupees '000
  

Rupees '000
  

Rupees '000
 
 		  
 		  
Balance as at July 01, 2001
931,880
577,252
1,509,1