Statement of income for the year ended 31 December 2007

     
 2007     2006 
 RO     RO 
     
Turnover        2,359,269             2,007,598
Cost of turnover       (1,526,848)           (1,374,736)
Gross profit           832,421                632,862
     
Other income             20,877                    8,890
          853,298                641,752
     
Expenses      
     
Salaries and staff costs           180,084                148,656
General and administrative expenses             59,134                  77,099
Selling and distribution expenses           226,612                185,590
Finance costs             74,065                  82,564
Depreciation             17,707                  16,777
Provision for slow moving inventories              32,613                  12,000
Provision for doubtful trade receivables             29,000                  38,000
          619,215                560,686
     
Net profit for the year before income tax           234,083                  81,066
     
Provision for Income Tax             16,294                         -  
Deferred tax              43,041                         -  
     
Net profit for the year transferred to retained earnings           174,748                  81,066
     
Earnings per share               0.250                    0.118

 
     

 

 

Balance sheet at 31 December 2007
     
 2007     2006 
 RO     RO 
Non-current assets      
Property, plant and equipment           918,324          901,061
     
Current assets      
Inventories           641,859          527,263
Trade receivable           530,129          488,297
Other receivables             60,912            18,588
Amount due from related party                       -                 547
Cash and bank balances             14,338            18,533
       1,247,238       1,053,228
Current liabilities      
Trade payable           152,623            75,293
Other payables             75,159            49,214
Amount due to a related party             10,874      348
Bank borrowings           222,900          154,575
Current portion of long-term loans           264,915          264,915
Current and deferred tax             59,335                    -  
          785,806          544,345
     
Net current assets           461,432          508,883
     
Non-current liabilities      
Non-current portion of long-term loans           489,403          673,155
Deferred Government grant             83,276          113,556
Staff terminal benefits             31,021            21,925
          603,700          808,636
     
Net assets            776,056          601,308
     
Shareholders' funds      
Share capital           700,000          700,000
Legal reserve             38,162            20,687
Proposed dividend             35,000                    -  
Retained earnings/(accumulated losses)               2,894         (119,379)
          776,056          601,308
     
Net assets per share                1.109              0.859
     

 

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