31st Mar 2008 17:43
Tejoori Limited31 March 2008 Chairman's statement Tejoori Limited ("the Company" or "Tejoori"), the Dubai-based, AIM-quotedinvestment company established to make Shari'a-compliant investments, announcesits interim results for the 6 months ended 31 December 2007 ("the Period"). Operational highlights • No new investments made in the period; existing investment portfolio continues to mature • Investment strategy continues to focus on seizing opportunities in Dubai's real estate sector • Continued belief in the long term growth prospects of environmental technologies and the automotive sector in which the Company is invested Financial Highlights • Net Asset Value as at 31 December 2007 of USD 41.11 million (30 June 2007: USD 42.0 million) representing USD 1.48 per share (30 June 2007: USD 1.51 per share) • Profit before tax for the period of USD 0.062 million (2006: USD 7.40 million) • Basic earnings per share of USD 0.002 for the period (2006: USD 0.27 per share) • Available cash and cash equivalents at 31 December 2007 of USD 0.44 million (30 June 2007: USD 2.50 million) Commenting, Sheikh Fawaz Bashraheel, Chairman of Tejoori, said: "As announced in our results for the full year ended 30 June 2006, givenDubai's booming real estate sector, our investment strategy has focused onseizing opportunities in this sector, a strategy which we continue to believewill be favourable to you as shareholders of Tejoori. For diversification and long term focus we continue to believe in the long termgrowth prospects of environmental technologies and the automotive sector,sectors which we have made investments in. All of Tejoori's investments are Shari'a-compliant and demonstrate socialresponsibility. The markets in which we operate continue to remain extremely competitive butalso continue to offer substantial opportunities. Our future outlook remainspromising as our investment portfolio matures and our investment strategyfacilitates creation of long term prosperity for all stakeholders." Chairman's statement (continued) Sheikh Fawaz BashraheelChairman of the Board Date: 31 March 2008 Enquiries: Murad Hussein, Dubai +971 (4) 306 9500www.tejoori.comTejoori Limited Condensed interim balance sheet Note 31 December 2007 30 June 2007 USD USDASSETSCash and cash equivalents 3 436,057 2,500,524Available-for-sale investment 4 7,570,187 7,570,187Trade and other receivables 5 1,931,031 4,038,919Advance towards acquisition ofinvestment property 6 33,806,767 30,643,936Property and equipment 7 34,568 42,080 ------------ ------------Total assets 43,778,610 44,795,646 ========== ========== LIABILITIES AND EQUITY LiabilitiesDue to shareholders 8 1,754,400 1,754,400Trade and other payables 9 913,833 1,033,861 ------------ ------------Total liabilities 2,668,233 2,788,261 ------------ ------------EquityShare capital 10 277,089 277,089Share premium 11 41,286,207 41,286,207Share warrants reserve 10 411,000 1,370,000Accumulated losses (863,919) (925,911) ------------ ------------Total equity 41,110,377 42,007,385 ------------ ------------ Total liabilities and equity 43,778,610 44,795,646 ========== ========== This condensed financial information was approved by the Board of Directors ofthe company on 31 March 2008 and signed on its behalf by: ________________ ________________ Director Director Tejoori Limited Condensed interim income statement Six months ended 31 December 2007 2006 Note USD USDIncomeReturn on Islamic investments - 284,777Gain on Musharaka agreement 12 - 8,706,435Exchange gains 135,124 244,585 ------------ ------------Total income 135,124 9,235,797 ExpensesLoss on write-off of property and equipment - (9,739)Administrative and other expenses 13 (1,032,132) (1,431,537)Write off of advance to Martin Hage 5 - (396,592)Movement in share warrant reserve 959,000 - ------------ ------------Profit for the period 61,992 7,397,929 ========= ========= Earnings per share - basic 14 0.002 0.267Earnings per share - diluted 14 0.002 0.267 ======= ====== Tejoori Limited Condensed interim statement of changes in shareholders' equity Note Share capital Share premium Share warrants Accumulated losses/(profit) Total reserve USD USD USD USD USD At 1 July 2006 277,089 41,286,207 - (4,462,220) 37,101,076Profit for the period - - - 7,397,929 7,397,929 ------------ ------------ ------------ ------------ ------------At 31 December 2006 277,089 41,286,207 - 2,935,709 44,499,005 ======== ========== ========= ========== ========== At 1 July 2007 277,089 41,286,207 1,370,000 (925,911) 42,007,385Profit for the period - - - 61,992 61,992Changes in share warrants reserve 10 - - (959,000) - (959,000) ------------ ------------ ------------ ------------ ------------At 31 December 2007 277,089 41,286,207 411,000 (863,919) 41,110,377 ======== ========== ========= ========== ========== Tejoori Limited Condensed interim cash flow statement Six months ended 31 December 2007 2006 Note USD USDOperating activitiesProfit for the period 61,992 7,397,929Adjustments for:Gain on Musharaka agreement - (8,706,435)Movement in share warrants reserve 10 (959,000) -Depreciation 7 7,512 4,258Loss on write-off of property and equipment - 9,739 ------------ ------------Operating cash flows before changes inworking capital (889,496) (1,294,509)Changes in working capital:Available-for- sale investment 4 - (4,770,957)Islamic investments - (62,221)Investment in Musharaka agreement andadditional payment for investment property 6 (3,162,831) (14,978,213)Trade and other receivables 5 2,107,888 (3,700,586)Trade and other payables 9 (120,028) 4,662,023 ------------ ------------Net cash used in operating activities (2,064,467) (20,144,463) ------------ ------------Investing activitiesPurchase of property and equipment 7 - (52,787) ------------ ------------Financing activitiesDue to shareholders 8 (1,782,477) ------------ ------------Net decrease in cash and cash equivalents (2,064,467) (21,979,727)Cash and cash equivalents, beginning of theperiod 2,500,524 31,024,732 ------------ ------------Cash and cash equivalents, end of the period 3 436,057 9,045,005 ========= =========== This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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