• Balance Sheet as at December 31, 2002

DIRECTOR'S REVIEW FOR THE HALF YEAR
ENDED DECEMBER 31, 2002

We are pleased to present your company's un-audited accounts for the halt year endel December 31, 2002.

Net Sales for the six month period were Rs. 249.692 million, an improvement of approxi mately 21% over the Sales of Rs. 206.935 million for the first halt of last year.

We are glad to report that during the period under review, your company has also neen able to improve on the bottom-line reflected in its halt yearly accounts of last year. This has been a result of an improved product mix, and is reflected in the Gross Profit of Rs. 118.400 million~achieved during the half year, which is 45.47% higher than the Gross Profit of Rs. 81.394 million during the same period of last year.

Overall operating expenses during the half year grew by 36.21%, from 48.600 million during Halt Year 2002 to Rs. 66.196 million during the period under review. This increase is mainly driven by higher administrative expenses (Rs. 15.348 million compared to Rs. 10.418 million last year). as well as selling expenses, which grew by 35.36% to Rs. 50.367 million. These increases are a result of your company's drive to attract and reward the best talent from the industry, as well as its greater investments in branding as it gears up to launch a
range of sophisticated products in the fields of biotechnology and oncology. The first of these products was launched in January of this year, and has been very well received in the market.

After a provision for taxation and other government levies of Ra. 18.101 million (Half Year 2002: Rs. 12.092 million), the Net Profit of your company for the period under review stands at Ra. 36.756 million. This represents an improvement of 65.75% over the Net Profit of Ra. 22.176 million achieved during the same period of the previous year.

The Earning per Share (E PS) of your Company for the half year ended December31, 2002, on its increased paid up capital after issue of 25% bonus shares last year, stand at Ra. 8.33. The pro rata equivalent (basic) EPS during the same period last year corresponds to Ra. 5.03 per 10-Rupee Share.

Barring any unforeseen adversity, your Company should, lnshallah, be able to improve upon its strengths during the remainder of the year. We are also hopeful that the higher investment in Marketing and Human Resources reflected in this period's accounts should help your company establish a solid platform for competing against the biggest and best of its rivals on an equal tooting during the years to come.

If is also our privilege to report that your company has been selected to receive the 'Top 25 Companies Award' from the Karachi Stock Exchange on the basis of its payout and financial results. The results achieved by your company during previous years and also the half year under review certainly reflect the benefits that industry in Pakistan has reaped from a stable economy, consistent policy-making and clean governance. It is sincerely hoped, for the sake of our national development, that these healthy precedents are not forgotten as we move forward in a democratic political environment.

DIVIDEND:
In view of the Company's performance the Board of Directors is pleased to declare an interim cash dividend of 30% (Ra. 3.00 per 10-rupee share) for the halt year ended December 31, 2002.


For and on Behalf of the Board of Directors

(Mrs. Akhter Khalid Waheed)
Chairperson & Chief Executive

February 25, 2003

FEROZSONS LABORATORIES LIMITED
BALANCE SHEET AS AT DECEMBER 31, 2002
(UN-AUDITED)

Notes:

1. There has been no change in the accounting policy of the Company.
2. Provision for tax is estimated. The final liability will be determined on the basis of annual results.
3. The Company is operating Recognized Provident Fund scheme for its employees and provision has been made in these accounts for the amount payable by the company to the scheme.
4. Previous half year's figures have been rearranged and regrouped where necessary for comparison purpose.

FEROZSONS LABORATORIES LIMITED
PROFIT AND LOSS ACCOUNT (UNAUDITED) FOR THE QUARTER
AND HALF YEAR ENDED DECEMBER 31, 2002

 

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