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  IBL HealthCare Limited Quarterly Report September 2013  With You  all the WAY  Directors’ Report  The Directors are pleased to present the condensed interim financial statements of your Company for the period ended September 30, 2013. These condensed interim financial statements are submitted in accordance with section 245 of the Companies Ordinance, 1984. OPERATING RESULTS September 30,20132012 (Rupees in thousand)Revenue 245,564 194,988Gross profit 88,044 52,889Operating expenses 33,165 27,131Operating profit 54,879 25,758Profit before taxation 55,608 25,059Profit after taxation 45,179 21,491  Turnover of the Company rose to PKR 246 million increased by 26% over the corresponding period last year. During the period our major segments have shown good performance. Infants’ Nutritional Healthcare Segment showed a growth in sales of approximately 36% and our Adult Nutritional Segment showed a growth of 45% over the same corresponding period last year. Gross margin during the period under review stood at 36%, as against 27% reported in the same period last year. The said increase is mainly due to our increased focus on our high margin brands coupled with price increase on few of our products. Operating expenses were maintained at 14% of the turnover. FUTURE OUTLOOK   The Management clearly sees remarkable growth in IBL Health Care business in the future. Our sales force is continuously focusing on providing high quality premium nutritional products to all of the potential health Care Professionals. The effective planning of new launches and expanding the existing coverage in the current year will not only continue the sales momentum but also increase the sales growth. To generate better value and increase market share, aggressive promotional campaign on infant nutrition products, along with the introduction of children nutrition products during the year will contribute towards the growth of our business.For strengthening our Medical Disposable Division, new sources and products are identified for launch during the new fiscal year to increase the business volume and profitability of the company.  ACKNOWLEDGEMENT We wish to thank the customers for their faith in our products, and their continuing patronage. Without their support we would not have been able to achieve these improved results.We also take this opportunity to thank our suppliers, bankers and distributors for providing us with their valuable support throughout the year.Finally we wish to thank our staff who remained committed to deliver towards the growth of your Company. KarachiOctober 14, 2013For and on behalf of the boardMufti Zia Ul IslamChief Executive Quarterly Report September 201301  Condensed Interim Balance Sheet  As at September 30, 2013 Mufti Zia ul IslamChief Executive OfficerSyed Nadeem Ahmed Director   September 30, June 30,20132013UnauditedAudited NoteRupees in ‘000’  AssetsNon-current assets Property, plant and equipment4  6,539 7,529 Investment property  123,588 123,588 Intangible assets  32,805 35,064 Long term loans and advances  502 185 163,434 166,366 Current assets Stock in trade  177,901 152,835  Trade debts-unsecured  188,762 143,073 Short term loans and advances  789 355 Deposits, prepayments and other receivables  17,531 16,004  Taxation  3,702 3,702 Cash and bank balances  20,892 15,139 409,577 331,108  Total assets  573,011 497,474 Equity and liabilitiesShare capital and reserves  Authorised share capital21,000,000 oridinary shares of Rs. 10 each5  210,000 210,000 Issued, subscribed and paid-up share capital5  200,000 200,000 Unappropriated profit  217,789 172,610  Total equity  417,789 372,610 LiabilitiesNon-current liabilities Liabilities against assets subject to finance lease  - 1,096 Staff retirement benefit  3,521 9,041 3,521 10,137 Current liabilities  Trade and other payables  149,602 113,410 Current maturity of liabilities against assets subject to finance lease  2,099 1,317 151,701 114,727 Contingencies and commitments6  - -  Total liabilities  155,222 124,864 Total equity and liabilities 573,011 497,474  The notes 1-8 are an integral part of these condensed interim financial statements.   02IBL HealthCare Limited
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