APEX TANNERY LIMITED

Registered Office: 127 Hazaribagh T/A, Dhaka-1209

THIRD QUARTER FINANCIAL STATEMENTS

We forward herewith the un-audited Financial Statements of the
Company for the third quarter ended March 31, 2010 as per Notification
No. SEC/CMRRCD/2008-183/Admin/03-34 dated September 27, 2009
of the Securities and Exchange Commission. Copies of the statements
have also been dispatched to Securities and Exchange Commission,
Dhaka Stock Exchange and Chittagong Stock Exchange.

Income Statement (Un-Audited)

For the third quarter ended March 31, 2010
Tk in ‘000
Third Quarter Ended Growth
31 March 10 31 March 09 %
Turnover 1,150,391 1,320,504 (13)
Cost of sales 972,517 1,182,621 (18)
Gross profit 177,874 137,883 29
Other income 30,474 20,236 51
Operating income 208,348 158,119 32
Profit on sale of investment - 92,142 (100)
Fixed expenses 86,642 96,530 (10)
Profit before WPP&WF 121,706 153,731 (21)
Provision for WPP&WF 5,792 7,315 (21)
Profit before tax 115,914 146,416 (21)
Provision for tax 20,120 11,251 79
Net profit after tax 95,794 135,165 (29)
Earnings Per Share (Tk.) 62.86 88.69 (29)

Note:
Components of Earnings Per Share:
Net operating income 48.36 18.60 160
Net realized investment gain - 60.46 (100)
Net other income 14.50 9.63 51
Earnings Per Share (Tk) 62.86 88.69 (29)

Balance Sheet (Un-Audited)

As of March 31, 2010
Tk in ‘000
As of As of Growth
31 March 10 30 June 09 %

Net assets:
Fixed assets (WDV) 153,408 147,069 4
Investments 2,845 2,845 -
Current assets 969,100 1,370,835 (29)
Current liabilities 283,656 742,842 (62)
Net current assets 685,444 627,993 9
841,697 777,907 8
Financed by:
Shareholders’ equity:
Share Capital – Paid up 152,400 152,400 -
Share premium 425,333 425,333 -
Dividend equalization fund 44,888 44,888 -
Retained earnings 219,076 155,286 41
841,697 777,907 8

Cash flow Statement (Un-Audited)

For the third quarter ended March 31, 2010
Tk in ‘000
Third Quarter Ended Growth
31 March 10 31 March 09 %
Cash flow from operating activities: 221,928 173,140 28
Collections from turnover &
Other income 1,198,288 1,312,283 (9)
Payments for cost & expenses (965,365) (1,132,717) (15)
Income-tax paid/or deducted (10,995) (6,426) 71

Cash flow from investing activities: (20,072) 80,713 (125)

Acquisition of fixed assets (20,072) (4,151) 384
Advance payment for land - (12,183) (100)
Sale of investment - 97,047 (100)

Cash flow from financing activities: (453,540) 24,314 (1,965)

Loans received / (paid) (414,746) 76,556 (642)
Loan paid – term loan (6,790) (27,110) (75)
Dividend received / (paid) (32,004) (25,132) 27

Net cash inflows/ (outflows) (251,684) 278,167 (190)

Opening cash & Bank Balances 278,629 2,370 11,656
Closing cash and Bank Balances 26,945 280,537 (90)
 Statement of Changes in Equity (Un-Audited)
Tk in ‘000
For the third quarter ended March 31, 2010
Share Share Dividend Retained Total
Capital Premium Equalization Earnings
Fund
As at 30-06-09 152,400 425,333 44,888 155,286 777,907
Net profit 95,794 95,794
Cash dividend (32,004) (32,004)
As at 31-03-10 152,400 425,333 44,888 219,076 841,697

For the third quarter ended March 31, 2009

Share Share Retained Total
Capital Premium Earnings
As at 30-06-08 152,400 425,333 76,455 654,188
Net profit 135,165 135,165
Cash dividend (25,908) (25,908)
As at 31-03-09 152,400 425,333 185,712 763,445

Sd/- Sd/-
Md. Rahmatullah Md. Humayun Kabir
Managing Director Director
Sd/-
Gopal Chandra Debnath
Company Secretary
Note:
The details of the published 3rd quarterly financial statements are available in the
website of the Company. The address of the web –site is
www.apextannery.com.