64

Profit and Loss Account

for the year ended December 31, 2013
(Rupees in thousand) Note 2013 2012
(Re-stated)
Continuing operations
Local sales 17,245,668 13,808,154
Export sales 68,615 63,220
17,314,283 13,871,374
Less: Sales tax and excise duty 2,405,078 2,110,315
Commission 21,348 15,769
2,426,426 2,126,084
Net sales 14,887,857 11,745,290
Cost of sales 30 (12,892,590) (10,270,143)

Gross profit 1,995,267 1,475,147
Administrative expenses 31 (587,636) (321,836)
Distribution and marketing costs 32 (586,466) (399,987)
Other operating expenses 33 (153,971) (30,888)
Other income 34 329,377 288,492

Profit from operations 996,571 1,010,928
Finance costs 35 (845,253) (528,371)
Investment income 36 2,043,111 1,534,453
Reversal of impairment on investments 37 361,161

Profit before tax 2,194,429 2,378,171
Taxation 38 (398,617) (890,089)

Profit for the year from continuing operations 1,795,812 1,488,082
Loss for the year from discontinued operations 17.2 (249,103) (3,929,101)
Profit / (loss) for the year 1,546,709 (2,441,019)

Basic earnings / (loss) per share
From Continuing operations Rupees 46 21.28 17.64
From Discontinued operations Rupees 46 (2.95) (46.56)
From profit / (loss) for the year Rupees 18.33 (28.92)

Diluted earnings / (loss) per share
From Continuing operations Rupees 46 20.01 17.09
From Discontinued operations Rupees 46 (2.95) (46.56)
From profit / (loss) for the year Rupees 17.06 (29.47)

The annexed notes 1 to 50 form an integral part of these financial statements.
Towfiq Habib Chinoy Syed Hyder Ali Syed Aslam Mehdi
Chairman Chief Executive & Managing Director Director