Page 147 - Interloop Annual Report 2018-2019

NOTES TO THE UNCONSOLIDATED NOTES TO THE UNCONSOLIDATED

FINANCIAL STATEMENTS FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2019 FOR THE YEAR ENDED JUNE 30, 2019

33.1 Staff salaries and benefits include Rs. 0.961 million (2018: Rs. 0.715 million) in respect of the provident fund contribution. 2019 2018
Note Rupees in ‘000
2019 2018
Note Rupees in ‘000 35.2 Loss on mutual funds measured at fair value through profit or loss;
34. ADMINISTRATIVE EXPENSES Remeasurement loss on investment in mutual funds - fair value through profit or loss 18.1 20,787 10,908
Staff salaries and benefits 34.1 & 34.2 1,057,212 826,274 Realized loss on investment in mutual funds - fair value through profit or loss 915 49,177
Directors' remuneration 96,362 111,470
Staff retirement gratuity 25.4 67,726 50,920 Dividend income on investment in mutual funds - fair value through profit or loss (5,816) (1,828)
Postage and communication 38,675 34,513 15,886 58,257
Electricity, gas and water 22,135 14,607
Rent, rates and taxes 113,939 65,022 36. OTHER INCOME
Printing and stationery 62,475 53,346
Travelling and conveyance 114,448 100,324
Vehicles running and maintenance 23,846 20,051 Income from financial assets
Legal and professional charges 73,982 39,672 Interest on long term loan to SNGPL - 16
Repairs and maintenance 45,870 49,716 Interest on loan to Metis International (Pvt) Ltd 7,211 8,923
Auditors' remuneration 34.4 2,875 1,360 Profit on TDRs 1,437 225
Insurance 17,951 17,213 Interest on receivables from IL Bangla Limited 5,796 -
Entertainment 51,791 51,101
Advertisement 17,557 4,379 14,444 9,164
Newspapers and periodicals 1,189 656
Depreciation 7.1.2 150,770 133,392 37. FINANCE COST
Amortization 8 9,047 10,371
Others 16,359 13,417 Mark up on:
1,984,209 1,597,804 Short term borrowings 552,483 269,986
Long term financing 315,730 139,980
Interest on workers' profit participation fund 26.3 21,425 6,172
34.1 Staff salaries and benefits include Rs. 4.746 million (2018: Rs. 3.804 million) in respect of the provident fund contribution. Lease finance charges 14 82
Bank charges and commission 106,055 67,434
34.2 Staff salaries and benefits include Rs. 5.031 million (2018: Rs. 4.188 million) in respect of employees' share option compensation expense.
995,707 483,654
34.3 The investments out of provident fund have been made in accordance with the provisions of section 218 of the Companies Act, 2017 and conditions
specified thereunder. 38. TAXATION
34.4 Auditors' remuneration Current year 38.1 226,216 120,197
Prior year - (243)
Annual audit fee 1,825 950 226,216 119,954
Other certification 400 260
Half yearly review 500 - 38.1 Provision for deferred tax is not required as the Company is chargeable to tax under section 154 and 169 of the Income Tax Ordinance, 2001 and no
Out of pocket expenses 150 150 temporary differences are expected to arise in the foreseeable future. Reconciliation of tax expense and product of accounting profit multiplied by the
2,875 1,360 applicable tax rate is not required in view of presumptive taxation.
38.2 Section 5A of the Income Tax Ordinance, 2001 imposes tax at the rate of 5% on every public company other than a scheduled bank or Modaraba, that
35. OTHER OPERATING EXPENSES derives profits for a tax year but does not distribute at least 20% of accounting profit through cash dividend within six months of the end of said tax year.
Exchange loss - net 15,258 12,801 The Company has distributed sufficient cash dividend, for the year ended June 30, 2018, which complies with the above stated requirements. Accord-
Loss on disposal of property, plant and equipment 47,091 38,694 ingly, no provision for tax on undistributed profits has been recognized in the financial statements for the year ended June 30, 2019.
Charity and donations 35.1 350,176 104,847
Workers' profit participation fund 26.3 285,315 210,830
Loss on mutual funds measured at fair value through profit or loss 35.2 15,886 58,257 2019 2018
Provision for impairment loss on investment in IL Bangla Ltd. 9.1 70,814 -
39. EARNINGS PER SHARE - BASIC AND DILUTED
784,540 425,429
35.1 Donations include the following in which a director or his spouse has an interest; 39.1 Earnings per share - Basic
Name of Donee Interest in Donee Name of Director Profit for the year (Rupees in '000) 5,194,767 3,885,809

Interloop Welfare Trust Trustees Mr. Navid Fazal 99,223 21,766 Weighted average number of ordinary shares outstanding during the year (Numbers in'000) 778,750 189,993
Mr. Musadaq Zulqarnain Add: Bonus shares issued after the reporting period (Numbers in '000) - 571,831
Mrs. Sheren Aftab 778,750 761,824
Mr. Jahanzeb Khan Banth 2018 - 19
Interloop Limited Earnings per share - basic (Rupees) 6.6706 5.1007 Annual Report
Mr. Muhammad Maqsood

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