Mr Wateen

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02 03 Corporate Information Director’s Report

Condensed Financial Information 04 Condensed Interim Balance Sheet 06 Condensed Interim Profit and Loss Account 07 Condensed Interim Statement of Comprehensive Income 08 Condensed Interim Cash Flow Statement 10 Condensed Interim Statement of Changes in Equity 11 Selected Notes to and Forming Part of the Condensed Interim Financial Information Condensed Consolidated Financial Information 24 Condensed Consolidated Interim Balance Sheet 26 Condensed Consolidated Interim Profit and Loss Account 27 Condensed Consolidated Interim Statement of Comprehensive Income 28 Condensed Consolidated Interim Cash Flow Statement 30 Condensed Consolidated Interim Statement of Changes in Equity 31 Selected Notes to and Forming Part of the Condensed Consolidated Interim Financial Information

WAteen teLecoM LIMIteD

thIrD QUArter report MAr ‘11

01

corporAte InForMAtIon
Management Team
Naeem Zamindar Sajjeed Aslam
Chief Executive Officer Chief Financial Officer

Auditors
A.F. Ferguson & Co.
Chartered Accountants

Sajid Farooq Hashmi Syed Jibran Ali Faisal Sattar Asad Rezzvi Chief Commercial Officer Chief Technology Officer

Company Secretary & Head of Legal

PIA Building, 3rd Floor, 49 - Blue Area, P.O. Box 3021, Islamabad.

Registered Office
4th Floor, New Auriga Complex, Main Boulevard, Gulberg II Lahore.

Chief Transformation Officer

Zafar Iqbal Ch.

Share Registrar
THK Associates (Pvt.) Limited Ground Floor, State Life Building No.3, Dr. Zia-ud-Din Ahmed Road, Karachi.

GM HR, Admin & Infrastructure

Zeeshan Hasan Ali Khan

GM Customer Care GM Enterprise & Carrier Sales

Adnan Kareem

Head of Product Development

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

Brig (R) Mazhar Qayyum Butt
GM Corporate Affairs

Saleem Akhtar Naila Bhatti
GM Media

Head of Project Management Office

02

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thIrD QUArter report MAr ‘11

DIrectors’ report
The Directors of Wateen Telecom Limited are pleased to present the unaudited financial information for the third quarter and nine months ended March 31, 2011. 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 reenforce 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 and are hence, giving high priority to regularize matters to ensure compliance with legal and regulatory requirements. The company has posted consolidated revenues of Rs 1,916 million for the third quarter ended March 31, 2011 and cumulative revenues of Rs 5,326 million for the nine months ended March 31, 2011. Revenue has shown a decline by 18% compared to the same period last year due to the WAteen teLecoM LIMIteD

reduction in access promotion charges (APC). The new management remained committed to focusing on high margin areas. Gross margin stands at 21% in this period compared to 18% for the same period last year. Significant efforts are being made...
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