Karachi, Bolan Castings Limited (BCL) held its annual board meeting on August 29, 2023, where the company's financial results for the year ended June 30, 2023, were discussed. The board recommended no cash dividends, issued bonus shares, and proposed a rights share issuance to its shareholders. BCL reported a net loss of Rs. 24.7 million for the fiscal year.
The key recommendations made by the board are as follows:
(i) Cash Dividend: The board recommended no cash dividend for the fiscal year 2023, in addition to no interim dividends paid earlier.
(ii) Bonus Shares: The board recommended the issuance of bonus shares in the proportion of NIL share(s) for every NIL share(s) held, in addition to the interim bonus shares already issued at NIL%.
(iii) Right Shares: BCL's board proposed issuing NIL% right shares at par/at a discount/premium of Rs. NIL per share in proportion to NIL share(s) for every NIL share(s). The entitlement of right shares being declared simultaneously will not be applicable on bonus shares as declared above.
(iv) Any Other Entitlement/Corporate Action: Not Applicable (NIA)
(v) Any Other Price-Sensitive Information: Not Applicable (NIA)
The company's Annual General Meeting will be held on October 28, 2023, in Hub, where these recommendations will be presented for shareholder approval. Shareholders eligible for these entitlements are those whose names appear in the Register of Members on October 18, 2023.
The Share Transfer Books of the Company will remain closed from October 19, 2023, to October 28, 2023 (both days inclusive).
Bolan Castings Limited reported the following financial results for the year ended June 30, 2023:
Revenue from Contracts with Customers: Rs. 2,164,907,985
Cost of Sales: Rs. 1,957,962,301
Gross Profit: Rs. 206,945,684
Distribution Cost: Rs. 52,417,709
Administrative Expenses: Rs. 62,329,738
Other Expenses: Rs. 2,242,939
Other Income: Rs. 16,663,622
Operating Profit: Rs. 106,618,920
Finance Cost: Rs. (79,133,369)
Profit Before Tax: Rs. 27,485,551
Income Tax Expense: Rs. (52,210,845)
(Loss) I Profit for the Year: Rs. (24,725,294)
(Loss) I Earnings per Share Basic and Diluted: (Rs. 2.16)
The financial report reflects a challenging year for BCL, resulting in a net loss of Rs. 24.7 million.
Shareholders and stakeholders will have the opportunity to discuss and approve these recommendations at the upcoming Annual General Meeting.