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Arif Habib Dolmen REIT Management Limited
Condensed Interim Financial Information for the nine months period ended
March 31, 2020
Arif Habib Dolmen REIT Management Limited Directors' Report For the Nine Months and Quarter Ended on March 31, 2020
The Board of Directors of Arif Habib Dolmen REIT Management Limited (RMC) is pleased to present the condensed interim financial statements of the Company for the' nine months and quarter ended on March 31, 2020.
Operational and Financial Results Dolmen City REIT' or 'OCR', remained the major source ofR1VIC's income. The Company also earned healthy income from placing funds with financial institutions and investing in the Units of OCR.
During the period in review OCR's Net Operating Income has shown a growth of 4.85% amounting to PKR 2,372 million as compared to PKR 2,262 million during the corresponding period. With the increase in profitability of the Scheme, RMC earned a gross management fee amounting to PKR 80.4 million as compared to PKR 76.6 million of management fee and PKR 10.1 million as REIT advisory fee during the corresponding period. The RMC had invested its surplus funds in; i) Short term investment in 7.7 million Units of OCR, earning PKR 7.9 million as dividends. During
the quarter under review, 'OCR' traded at an average unit price ofPKR 12.34 on the stock exchange and touched a low ofPKR 10.22 per unit, dropped by 18.17% from its December 31,2019 level, resulting in a unrealised loss ofPKR 17.5 million in the current quarter.
ii) Funds placements with various financial institutions, earning an interest ofPKR 7.2 million.
The administrative expenses of RMC for the period were PKR 41.2 million as compared to PKR 32 million during the corresponding period which resulted in gross profit for the period amounting to PKR 29.9 million. The profit after tax for the period was PKR 32.4 million as compared to PKR 32.5 million in the corresponding period.
Future outlook
Sector Overview The real estate sector in Pakistan continues to hold tremendous potential, albeit presently impeded by lack of documentation. The global Corona virus pandemic has created economic drag compounded by low oil prices and declining consumerism. Due to the fear of unemployment and general slowdown; retail, commercial, construction and development activities in Pakistan have halted while the country is in lock-down bringing with it significant uncertainly to the real estate sector as a whole
The government is introducing steps to revive the sector catalysed by the Naya Pakistan Housing Development Authority and easing of the lockdown for the "mother" industry. In order to minimize the virus spread, SOPs have been issued for providing a safe working environment to constructions workers incorporating social distancing and PPE. While these measures may collide with lack of public transport, limited working hours and areas being sealed, implementation is expected to bring some respite and prime the industry for a comeback.
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Retail With the closure of markets, malls and indoor entertainment venues other than non-essential retail, the sector is affected by lower consumer spending for non-discretionary items. The economic crunch resulting from the shutdown of major segments of the economy has a direct impact on retail which is expected to take time further exacerbated by strained supply chain and workforce attendance ..
Revenue losses would hit vulnerable retail the hardest depending on the length and severity of the pandemic in Pakistan. Larger retailers are expected to sustain a prolonged shock with support provided by the government to both industry and consumers in the form of conducive lending rates and income tax relaxation.
On the upside, as limited access, partial business operations andl deliveries are opened up, the country has seen a boom in online retailing like never before. Food and grocery along with restaurant businesses are expected to ease up as almost every restaurant and confectionary business in Karachi jumps on the delivery bandwagon encouraging consumers with enticing deals. Fashion and clothing on the other hand are expected to slow down as consumers prioritise essential purchases.
Taxation The government is presently evaluating a proposal for an incentivized taxation package. It is pivotal that the taxation regime encompassing REITs and rea! estate sector are made equitable and consistent in the longer term. REITs are an important instrument for the documentation of the real estate sector and deepening of capital markets, therefore it is vital that impediments to REITs are removed at all levels. The only operational REIT in Pakistan; 'Dolmen City REIT', was launched.before obstacles were created through the Finance Act 2015. These obstacles continue to stall the proliferation ofREITs after enactment of Finanee Act 2019. The present tax laws make the process of doing business under REITs unfeasible owing to imposition of:
i) Capital Gains Tax even before the gains are realized (as per Section 99A, Part-I, Second Schedule, Income Tax Ordinance); and
ii) Unfairly high tax rate on Dividends paid out by REITs (25% as per Division III, Part-I, First Schedule, Income Tax Ordinance, as opposed to 15% on dividends of other listed entities).
Moreover, we strongly believe that REITs should not be burdened with advance taxation (under section 236C and section 236K of the ITO) on transfers of property to and from REIT schemes (whereby property transfers in the name of REIT's Trustee is an additional step, which is not required in any other form of organization). Unjust taxation regime is depriving government of significant tax collection; depriving industry of formalization, transparency and access to finance; and depriving small savers an opportunity to invest in real estate.
It is important to note that in a real estate project, public money inevitably gets involved in the form of customer advances. Therefore, it is imperative that such business is undertaken by regulated corporate entities such as REITs. However, in order for them to succeed, it is essential that a level playing field is provided to investors and sponsors considering REITs compared with other forms of real estate businesses conducted in Pakistan and tax dis-advantages faced by REITs are removed.
The Sindh Government introduced an excellent mechanism of floating rate to calculate the levy implicated on the transfer of immovable property (including the Capital Value Tax, Registration fee and Stamp Duty). We
believe that other Provincial governments must rationalize and harmonize the property transfer taxes and duties in a similar way as they are implemented in the province of Sindh.
Introduction of Infrastructure REITs The introduction ofInfrastructure REITs to the allowable REIT palette does broaden the horizon for introducing new REITs in the country however detailed regulatory guidance and further changes in the REIT Regulations are required. Unfortunately, regulatory reforms alone are inadequate for this to translate into the launching of new REIT schemes while they continue to be placed at significant taxation disadvantage compared to all other organizational forms.
Incentivised Construction Package The Prime Ministers construction package highly incentivizes tlhe sector by introducing a fixed tax regime for builders and developers, especially for projects under the Naya Pakistan Housing Scheme receiving a further tax reduction of 90%. Incentives are also provided for investment in the sector through unexplained income sources (Section Ill) which have not been extended to REITs.
The new incentives while beneficial for real estate and construction further exclude REITs and discourage the introduction of new REIT schemes.
Related Party Transaction In order to comply with REIT Regulations and the Code of Corporate Governance, the RMC presented all related party transactions before the Audit Committee and Board for their review and approval.
Acknowledgement The Board would like to thank the Securities and Exchange Commission of Pakistan and other business partners for their continued cooperation and support. We also appreciate the effort put in by the management team.
For and on behalf of the Board
a mad Ejaz Ch ief Executive April 16, 2020
Arif Habib Dolmen REIT Management Limited Condensed Interim Statement of Financial Position As at 31 March 2020
ASSETS
Non-current assets Property and equipment Right-of-use asset Intangible assets Long term deposit and receivable Long term loans to employees Deferred tax asset
Current assets Mark-up accrued on bank deposits Current portion of formation cost receivable from scheme Service fee receivable Current portion of long term loan to employees and advances Prepayment and other receivables Short term investment Cash and bank balances
Total assets
EQUITY AND LIABILITrES
Share capital and reserves
Authorized capital (50,000,000 shares of Rs. 10 each)
Issues, subscribed and paid-up capital (20.000.000 shares of Rs. 10 each)
Revenue reserve Unappropriated profit / (loss)
LIABILITIES Non-Current Liabilities Deferred tax liability Lease liabilities against right-of-use asset
Current Liabilities Taxation-net Current portion of lease liabilities against right-of-use asset Accrued expenses and other payables
Contingencies and commitments
Total equity and liabilities
The annexed notes form an integral part of these condensed interim financial statements.
~~ ~~---.-
Chief Financial Officer Chief Executive Officer
Note
Unaudited 31 March
2020
Audited 30 June 2019
----------------- Ru pees -----------------
6 7 8
436,648 461,001 6,668,009 -
10,858 14,431 3,328,600 2,632,800
28,000 19,000 - 1,731
10,472,115 3,128,963
9 10 II 12 13
656 1,162,760 - 50,339,537
28,346,210 26,058,503 8,225,335 10,432,588 5,946,887 5,887,677
79,103,414 18,713,414 109,210,974 103,862,596 230,833,476 216,457,075
241,305,591 219,586,038
500,000,000 500,000,000
200,000,000 200,000,000
26,755,464 (5,609,571) 226,755,464 194,390,429
50,569 4,512,270 4,562,839
2,586,817 1,329,731 2,510,423
14 4,890,048 23,865,878
15
241,305,591 219,586,038
ArifHabib Dolmen REIT Management Limited Condensed Interim Statement of Profit or Loss (Un-audited) For the nine months period and quarter ended 31 March 2020
Nine months period ended Quarter ended Note . 31 March 31 March
2020 2019 31 March 31 March
2020 2019 ----., ---- -- ------,,-----,,------------------- Rupees ----------------------------------------
Operating revenue - net
Other income 18
71,166,810 76,872,540 24,567,120 23,687,520
__ ,(<11,273,885) (32,236,712) (12,746,830) (12,452,534) 2'),S92,925 44,635,828 11,820,290 11,234,986
__ ._(895,068) _ (4,426) (282,303) (1,550) 28,997,857 44,631,402 11,537,987 11,233,436
16,320,347 4,794,049 (11,496,386) 2,640,211
45,318,204 49,425,451 41,601 13,873,647
(12,953,169) ( 16,886,460) (3,066,852) (2,775,742)
--------- 32;;165,035 32,538,991 (3,025,251) 11,097,905
1.62 1.63 (0.15) 0.56 ==-=o.;.: __ -===--= :
16
Administrative expenses 17
Finance cost
Profit / (loss) before taxation
Taxation 19
Profit / (loss) after taxation
Basic and diluted earning per share (Rs. Per share)
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer Chief Financial Officer Director
ArifHabib Dolmen REIT Management Limited Condensed Interim Statement of Comprehensive Income (Un-audited) For the nine months period and quarter ended 31 March 2020
Nine months period ended 31 March 31 March
2020 2019
Quarter ended 31 March 31 March
2020 2019 -------- ------ -------- --------------------- Ru pees ---------------------------------------.
Proflt / (loss) for the period ~n,365,035 32,538,991 (3,025,251) 11,097,905
Other comprehensive loss for the period (38,912)
Total comprehensive income / (loss) for the period . =~ __ ~~36~:_<l35~ ==3=2,=5=00=,=07=9= ===(=3=,0=2=5,=25=1=) ==1=1=,0=9=7,=9=05=
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer Chief Financial Officer Director
Arif Habib Dolmen REIT Management Limited Condensed Interim Statement of Cash Flow (Un-audited) For the nine months period ended 31 March 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation Adjustment for: Depreciation Amortisation Dividend income Gain on remeasurement of investments Gain on disposal of units Mark-up on bank deposit
Cash generated from operating activities before working capital changes
Effect on cash flow due to working capital changes
(Increase) I decrease in current assets Receivable from scheme Current portion of long term loan to employees and advances Prepayments and other receivables
Increase I (decrease) in cu r r ent liabilities Accrued expenses and other payables
Cash generated from operations
Long term loan to employees Taxes paid Net cash (used in) I generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Formation cost received from scheme Acquisition of property and equipment Investments in units of Pakistan Cash Management Fund Investment in units of Dolmen City REIT Dividend received Proceeds from disposal of investment Markup received Net cash generated from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Nct cash used in financing activities - Repayments of lease liabilities against right-of-use asset
Nct increase I (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period
The annexed notes form an integral part of these condensed interim financial statements.
Chref Executive Officer
Nine months period ended 31 Mar'ch 31 March
2020 2019 ----------------------- Ru pees -------------------.
45,318,204 49,425,451
1,940,047 132,422 3,573 5,330
(7,972,200) (5,213) (1,095,250) -
- (34,663) (7,252,897) (4,754,173)
(14,376,727) (4,656,297) 44,769,154 30,941,477
(2,287,707) 582,017 2,207,253 (570,871)
(59,210) (675,072) (139,664) (663,926)
(18,975,830) 228,049
11,825,983 44,333,277
(9,000) 17,400 (11 ,643,783) (7,833,478)
(522,600) 36,517,199
50,339,537 54,915,860 (97,146) (112,980)
- (4,431) (59,294,750) - 7,972,200 5,213
- 118,577 8,415,001 4,662,296 7,334,842 59,584,535
(1,463,864)
96,101,734 16,746,028
5,348,378 103,862,596
112,847,762 109,210,974
Director
ArifHabib Dolmen REIT Management Limited Condensed Interim Statement of Changes in Equity (Un-audited) For the nine months period ended 3/ March 2020
Reserves Issued, subscribed & paid up capital
Capital Revenue Total Fair Value Unappropriated Reserves (loss) / profits
,--------------------------------------------- Rupees -------------------------------------------.
Balance as at 30 June 2018 200,000,000 38,912 (43,234,608) 156,804,304
Total comprehensive income for the period
Profit after taxation Other comprehensive loss Total comprehensive income for the period (38,912) 32,538,99i
Balance as at 31 March 2019 200,000,000 (J 0,695,617) 189,304,383
Balance as at 30 June 2019 200,000,000 (5,609,571) 194,390,429
Total comprehensive income for the period
Profit after taxation Other comprehensive income Total comprehensive income for the period
I - II _ II 32,365,~351 32,365:~35
32,365,035 32,365,035
Balance as at 31 March 2020 200,000,000 26,755,464 226,755,464
The annexed notes form an integral part of these condensed interim financial statements.
~ ~ rl - Chief Executive Officer Ch)eJ Financial Officer Director
Arif Habib Dolmen REIT Management Limited Notes to the Condensed Interim Financial Statements (Un-audited) For the nine months period ended 31 March 2020
STATUS AND NATURE OF BUSINESS
Arif Habib Dolmen REIT Management Limited (the Company) was incorporated in Pakistan as a public limited company (un-quoted) on April 08,2009 under the repealed Companies Ordinance, 1984 (now Companies Act 20(7). The Company is a REIT Management Company, registered under the Non Banking Finance Companies (Establishment and Regulation) Rules, 2003, with the Securities and Exchange Commission of Pakistan (SECP). The Certificate for commencement of business was obtained from SECP on September 07, 2009. The registered office of the Company is situated at ArifHabib Centre, 23 M.T. Khan Road, Karachi, Pakistan.
The principal business of the Company is to launch Real Estate Investment Trust (REIT) Schemes and provide REIT management services in accordance with the Real Estate Investment Trust Regulations, 2015. The Company is rated AM2+ (RMC) by VIS Credit Rating Company Limited.
2 BASIS OF PREPARA T/oN
2.1 Statement of Compliance
These condensed interim financial statements have been prepared in accordance with the provisions of and directives issued under the Companies Act, 2017, Part VIII A of repealed Companies Ordinance 1984, the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 (the NBFC Rules 2003), the Real Estate Investment Regulations 2015 and the accounting and reporting standards as applicable in Pakistan for interim financial reporting which comprise of International Accounting Standard 34 -"Interim Financial Reporting" issued by the International Accounting Standards Board as notified under the Companies Act, 2017, Part VIII A of repealed Companies Ordinance 1984. In case where requirements differ, the provisions of or directives issued under the Companies Act, 2017, Part VIII A of repealed Companies Ordinance 1984, the NBFC Rules 2003, the KElT Regulations 2015 have been followed.
These condensed interim financial statements do not include all the information and disclosures as require in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended June 30, 2019.
These condensed interim financial statements are unaudited and being submitted to the members of the Company as required under section 237 of the Companies Act, 2017.
2.2 Accounting convention
These condensed interim financial statements have been prepared under the historical cost convention except as otherwise disclosed in these notes.
2.3 Functional and presentation currency
Items included in these condensed interim financial statements are measured using the currency of the primary economic environment in which the Company operates. These condensed interim financial statements are presented in Pak Rupees which is the Company's functional and presentation currency, unless otherwise stated.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods of computation used in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the financial statements for the year ended June 30, 2019 except for IFRS 16 - Leases which is adopted in December 31, 2020 and its financial impact was duly provided in condensed interim financial statements for the half year ended December 31, 2019.
4 ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of condensed interim financial statements in conformity with approved accounting standards, as applicable in Pakistan requires the management to make estimates, assumptions and use judgments that affect the application of policies and the reported amount of assets and liabilities and income and expenses.
Estimates and judgments made by management in the preparation of these condensed interim financial statements are same as those that were appl ied to the audited annual financial statements of the Company as at and for the year ended June 30,2019
5 RISK MANAGEMENT
These condensed interim financial statements do not include all financial risk management information and disclosures which are required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended June 30, 2019. There have bc:en no changes in any risk management policies since the year end.
6 PROPERTY AND EQUIPMENT Note Unaudited Audited 31 March 30 June
2020 2019 .--------------------- Ru pees ------------------.
Opening net book value 461,001 526,467 Additions during the period I year 97,146 112,980
558,147 639,447 Less: Depreciation for the period I year (121,499) (178,446) Closing net book value 436,648 461,001
7 RIGHT-OF-USE ASSET
Impact of initial adoption of IFRS 16 8,486,557 Depreciation charged during the period / year (1,818,548) Closing net book value 6,668,009
8 INTANGIBLE ASSETS
Balance as at I July 14,431 21,539 Less: Amortization during the period I year (3,573) (7, I 08) Written down value as at 10,858 14,431
Amortization rate 33% 33%
9 SERVICE FEE RECEIVABLE Note Unaudited Audited 31 March 30 June
2020 2019 .--------------------- Ru pees ------------------.
Service fee receivable ~u 28,346,210 26,058,503
9.1 This includes Rs. 27.76 million (30 June 2019: Rs. 25.47 million) receivable from the Scheme in respect of fee. Under the provisions of REIT Regulations 2015, RMC is entitled to an annual management fee not exceeding three percent of Net Operating Income (NOI) of scheme. Management fee becomes receivable on quarterly basis.
10 CURRENT PORTION OF LONG TERM LOAN TO EMPLOYEES AND ADVANCES
Note Unaudited 31 March
2020
Audited 30 June 2019
248,000
.--------------------- Ru pees ------------------.
507,400 U nsecu red, considered good Current portion of loans to employees
Advances to: Employees 10.1 7,977,335
8,225,335
10.1 This includes advance to chief executive officer amounting to Rs 7.29 million (30 June 2019: Rs 9.24 million.
11 PREPA YMENTS AND OTHER RECEIVABLES Note Unaudited 31 March
2020
9,925,188 10,432,588
Audited 30 June 2019
Prepayments 1,268,626
.--------------------- Ru pees ------------------.
304,292
Other receivable - Unsecured - Considered good Javedan Corporation Limited - a related party Dolmen City REIT scheme -a related party Vision View (Private) Limited Arif Habib Consultancy (Private) Limited - a related party Arif Habib Real Estate Services (Private) Limited - a related party Others
3,125,917 3,109,989 - 1,200,000
1,250,000 1,250,000 227,222 - 31,725 1,400 43,397 21,996
4,678,261 5,583,385 5,946,887 5,887,677
12 SHORT TERM INVESTMENT
Investments in Dolmen City REIT Scheme - measured at fair value through Profit or loss 12.1 79,102,800 18,712,800
Investment in Marginal Trading System 12.2 614 614 79,103,414 18,713,414
12.1 Investment at/air value through profit or loss --- Amount in Rupees ---
31 March 2020
30 June 2019
-------Number of units--------
7,740,000 1,840,000 Dolmen City REIT (a related party) 79,102,800
12.1.1 Unrealized loss on remeasurement of short term investments as of the reporting date
Market value of the investments Cost of the investments
79,102,800 78,061,550 1,041,250
12.2 Arif Habib Limited - an associated company
Marginal Trading System (MTS) 614
18,712,800
18,712,800 18,766,800
(54,000)
614
Note Unaudited 31 March
2020
Audited 30 June 2019
.--------------------- Ru pees ------------------. 13 CASH AND BANK BALANCES
Cash in hand
Cash at bank
19,270 30,000
109,191,576 128
103,832,468 128
- in saving account - in current account
13.1
109,191,704 103,832,596 109,210,974 103,862,596
13.1 These carry markup at the rates ranging from 3.0 % to 12.38% (30 June 2019: 9.5% to 12%) per annum.
Preliminary expenses payable Withholding taxes payable Accrued expense Payable to Arif Habib Limited - a related party Sales tax payable Finance cost payable Others
Note Unaudited Audited 31 March 30 June
2020 2019 .--------------------- Ru pees ------------------.
522,410 522,410 6,683
14.1 997,249 1,473,643 18,852,595
3,082,798 2,997,468 280,908
19,762 4,890,048 23,865,878
14 ACCRUED EXPENSES AND OTHER PA YABLES
14.1 It includes Rs 0.282 million (30 June 2019: Rs 0.283 million) payable Rotocast Engineering, a related party of the Company.
15 CONTINGENCIES AND COMMITMENTS
There were no contingencies and commitments as at 31 March 2020.
Note Nine months period ended 31 March 31 March
2020 2019
Quarter ended 16 OPERATING REVENUE - NET 31 March 31 March
2020 2019 -------------------------- .. ---------------- Ru pees ----------------------------------------
Management fee 9.1 80,418,495 76,695,970 27,760,845 26,766,897 REIT advisory fee 10,170,000 585,000
80,418,495 86,865,970 27,760,845 27,351,897 Sales tax (9,251,685) (9,993,430) (3,193,725) (3,664,377)
71,166,810 76,872,540 24,567,120 23,687,520
17 ADMINISTRA TlVE EXPENSES
Nine months period ended Quarter ended 31 March 31 March 31 March 31 March
2020 2019 2020 2019 ------------------------------------------ Ru pees --------------------------------------"
Salaries, allowances and benefits 28,639,906 22,019,252 9,390,561 9,174,843 Legal and professional 1,448,252 1,725,657 378,439 732,479 Communication .362,350 359,487 127,723 108,975 Traveling expense 2,197,993 402,030 500,628 197,584 Office maintenance expense 1,567,429 1,461,005 443,278 321,728 Printing and stationery 186,962 188,521 3,652 56,885 Insurance 687,941 610,189 228,538 197,557 Depreciation 1,940,047 132,422 646,683 46,023 Amortisation 3,573 5,330 1,191 1,776 Auditors'remuneration 293,250 298,750 60,750 66,250 Others 2,070,310 1,151,022 738,659 256,]66 Directors meeting fee 1,150,000 525,000 200,000 200,000 Training and membership expense .305,100 361,467 326,267 Advertisement expense 50,000 50,000 Rent expense 2,069,826 690,789 Professional tax 80,772 76,754 26,728 25,212 Feasibility fee 500,000 Donation .340,000 300,000
41,.273,885 32,236,712 12,746,830 ]2,452,534
18 OTHER INCOME
Mark-up on bank deposit 7,252,897 4,754,173 3,364,414 2,640,211 Dividend income 7,972,200 5,213 2,709,000 Realised gain on units of Pakistan Cash Management Fund 34,663 Unrealised gain on units of Dolmen City REIT 1,095,250 (17,569,800)
16,.320,347 4,794,049 (11,496,386) 2,640,211
19 TAXATION
Current - For the year 12,900,869 8,24],770 5,881,158 2,779,813 - Prior year ]89,261
12,900,869 8,431,031 5,881,158 2,779,813
Deferred 52,300 8,455,429 (2,814,306) (4,071) 12,953,169 ]6,886,460 3,066,852 2,775,742
20 TRANSACTIONS WITH RELATED PARTIES
I The related parties comprise of associated undertakings, sponsors, directors and key management personnel. Transaction with related parties are carried out by the company at agreed terms with related parties. Details of transaction carried out with related parties if not disclosed elsewhere in these financial statement are as follows:
Nine months period ended
Transaction during the period:
31 March 31 March 2020 2019
------------------- Ru pees ----------------
Rotocast Engineering Company (PI (Associate company due to comn
Rent expense / payment Repayment of lease liability against right-of-use asset Finance cost Payment of common shared expenses Common shared expenses Administration charges Payment of administration charges
2,069,826 1,463,864 889,411
1,435,735 1,372,621 1,434,209 133,220 117,859 133,372 124,219
Dolmen City REIT - ( A scheme managed by Arif Habib Dolmen REIT Management Limited)
Receipt of dividend Recci pt of expenses Purchase of units
7,972,200 1,200,000
59,294,750
Arif Habib Real Estate Services (Private) Limited - (Associate company due to common directorship)
Expenses paid 30,325
Arif Habib Limited - (Associate company due to common directorship)
Brokerage commission paid 250,600
Arif Habib Consultancy (Private) Limited - (Associate company due to common directorship)
Expenses paid 1,098,891
MCB Arif Habib Savings & Investment Limited- (Associate company due to common directorship)
Employer's VI'S contribution paid Purchase of units Receipt of dividend Advisory fee
1,864,750 1,465,409 4,431
106,809 5,213
Javedan Corporation Limited (Associate company due to common directorship) Expenses paid 15,928
21 DATE OF AUTHORISAT1ON
These condensed interim financial statements were authorised for issue on April 16, 2020 by the Board of Directors of the Company.
22 GENERAL
Figures have been rounded off to the nearest Rupee unless otherwise stated.
director