Wateen HY Report Dec 2010.pdf

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CORPORATE INFORMATION Management Team Naeem Zamindar Chief Executive Officer Sajjeed Aslam Chief Financial Officer Sajid Farooq Hashmi Company Secretary & Head of Legal Syed Jibran Ali Chief Commercial Officer Faisal Sattar Chief Technology Officer Asad Rezzvi Chief Transformation Officer Zafar Iqbal Ch. GM HR, Admin & Infrastructure Zeeshan Hasan GM Customer Care Ali Khan GM Enterprise & Carrier Sales Adnan Kareem Head of Product Development Brig (R) Mazhar Qayyum Butt GM Corporate Affairs Saleem Akhtar Head of Project Management Office Naila Bhatti GM Media Auditors A.F. Ferguson & Co. Chartered Accountants PIA Building, 3rd Floor, 49 - Blue Area, P.O. Box 3021, Islamabad. Registered Office 4th Floor, New Auriga Complex, Main Boulevard, Gulberg II Lahore. Share Registrar THK Associates (Pvt.) Limited Ground Floor, State Life Building No.3, Dr. Zia-ud-Din Ahmed Road, Karachi. Bankers Standard Chartered Bank (Pakistan) Limited Bank Al Habib Limited Habib Bank Limited Bank Alfalah Limited National Bank of Pakistan Limited Pak Libya Holding Company (Pvt.) Limited Summit Bank Limited (Formerly Arif Habib Bank Limited) Askari Bank Limited Soneri Bank Limited Pak Brunei Investment Company Limited The Bank Of Khyber HSBC Bank Middle East Limited Allied Bank Limited United Bank Limited Dubai Islamic Bank Limited 02 WATEEN TELECOM LIMITED half yearly report dec ‘10
DIrectors’ report The Directors of Wateen Telecom Limited are pleased to present the financial statements for the second quarter and six months ended December 31, 2010. These financial statements have been reviewed by the statutory auditors. Wateen reassessed its overall strategy given the current socio-economic situation of Pakistan, evolving consumer needs and the current trends in the telecom sector worldwide. New management and governance structures were introduced during FY’2011 with the major changes in the Board of Directors, establishment of an Executive Management Committee, reconstitution of the Board Audit Committee and appointments of a new Chief Executive Officer, Chief Financial Officer and Company Secretary along with other key positions. These changes were necessary to reinforce compliance with rigorous requirements of corporate governance and enhancing transparency in the overall operations. The new Board of Directors appreciate and recognize the significance of sound corporate governance practices are hence, giving high priority to regularize matters to ensure compliance with the legal and regulatory requirements. The company has posted consolidated revenues of Rs 1,478 million for the second quarter ended December 31, 2010 and cumulative revenues of Rs 3,409 million for the six months ended December 31, 2010. A 30% decline in the revenue is attributable to the change in market dynamics of long distance international business which remained under severe pressure of grey traffic. Gross profit has been improved to 25% compared to 18% in same period last year. Sponsors’ has injected Rs 2,063 million directly and Rs 600 million through an associated company to improve the liquidity situation of the company compared to Nil for the same period last year. WATEEN TELECOM LIMITED half yearly report dec ‘10 03
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Page 7 and 8: ~ pwc ~ pwc AUDITOR'S REPORT TO THE
Page 9 and 10: Note December 31, June 30, 2010 201
Page 11 and 12: CONDENSED INTERIM STATEMENT OF COMP
Page 13 and 14: 6 months to December 31, December 3
Page 15 and 16: SELECTED NOTES TO AND FORMING PART
Page 17 and 18: then additional interest rate will
Page 19 and 20: shall be calculated after taking in
Page 21 and 22: Note Six months to Year ended Decem
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Page 29 and 30: CONDENSED CONSOLIDATED FINANCIAL IN
Page 33 and 34: CONDENSED CONSOLIDATED INTERIM STAT
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Page 41 and 42: million, which charge shall no late
Page 43 and 44: 11. Trade and other payables These
Page 45 and 46: 16.1 Trade debts include due from r
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Wateen HY Report Dec 2010.pdf

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