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Karachi: We would like to inform you that Board of Directors of Faysal Asset Management Limited (FAML), the Management Company of 1) Faysal Balanced Growth Fund (FBGF), 2) Faysal Income and Growth Fund (FIGF), 3) Faysal Savings Growth Fund (FSGF), 4) Faysal Islamic Savings Growth Fund (FISGF) and 5) Faysal Money Market Fund (FMMF) at its meeting held on Saturday, July 9, 2011 at Karachi has recommended the following:
Final Payout for the year ended June 30, 2011 as reproduced below:
| Fund | Payout |
| FBGF | Rs. 9.55 (9.55%) per unit of par value of Rs.100/- |
| FIGF | Rs. 2.50 (2.5%) Per unit of par value of Rs.100/- |
| FSGF | Rs. 2.40 (2.4%) per unit of par value of Rs.100/- |
| FISGF | Rs. 3.10 (3.1%) per unit of par value of Rs.100/- |
| FMMF | Rs. 3.35 (3.35%) per unit of par value of Rs.100/- |
Unit Holders who have opted for cash payout will received cash dividend while Unit Holders who have opted for bonus units will be allocated bonus units based on the basis of above mentioned payouts. The above entitlement will be paid to the Unit Holders whose names will appear in the respective Register of Unit Holders of each fund at the close of business on June 30, 2011.
The financial results of FBGF, FIGF, FSGF, FISGF and FMMF for the year ended June 30, 2011 are as follows:
| Fund | Total Income
(PKR) |
Total Expenses
(PKR) |
Net Income/ (Loss)
(PKR) |
| FBGF | 80,568,889 | 27,790,057 | 52,778,832 |
| FIGF | 73,329,444 | 18,136,211 | 55,193,233 |
| FSGF | 732,602,645 | 152,901,412 | 579,701,233 |
| FISGF | 28,460,703 | 6,360,463 | 22,100,240 |
| FMMF | 36,644,701 | 6,388,814 | 30,255,887 |
Launch date: December 13, 2010
Faysal Balanced Growth Fund Income Statement for the Year Ended June 30, 2011
| June 30,
2010 |
June 30,
2011 |
|
|
(Rupees) |
||
| Income | ||
| Profit earned on clean placements, debt and government securities | 8,646,381 | 11,620,050 |
| Dividend income | 14,169,066 | 26,048,289 |
| Return on bank balances | 12,772,549 | 19,309,536 |
| Other income | – | 66,620 |
| Net gain on sale of investments designated
At fair value through profit or loss |
||
| ———— | ————- | |
| Net capital gain on investments | 49,102,246 | 120,400,894 |
| Unrealised loss on revaluation of investments | (844,783) | (4,340,489) |
| ———— | ————- | |
| 48,257,463 | 116,060,405 | |
| Element of (loss) / income and capital (losses) / gains
Included in prices of units sold less those in units redeemed |
(3,276,570) | 9,192,387 |
| ———— | ————- | |
| Total Income | 80,568,889 | 182,297,287 |
| Expenses | ||
| Remuneration of the Management Company | 9,130,199 | 9,922,609 |
| Remuneration of the Trustee | 913,023 | 1,315,292 |
| Brokerage charges | 2,262,927 | 3,836,743 |
| Bank charges | 22,853 | 34,964 |
| Auditors’ remuneration | 487,256 | 466,181 |
| SECP annual fee | 388,049 | 557,311 |
| Legal and professional charges | 67,188 | 60,000 |
| Annual rating fee | 125,000 | 115,000 |
| Annual listing fee | 40,000 | 40,000 |
| Settlement charges, federal excise duty and capital value tax | 672,814 | 954,865 |
| Printing charges and other expenses | 100,976 | 248,331 |
| Provision against non-performing assets | 12,502,653 | – |
| Provision for Workers’ Welfare Fund | 1,077,119 | 3,230,314 |
| ———— | ————- | |
| Total expenses | 27,790,057 | 20,781,610 |
| ———— | ————- | |
| Net income for the year before taxation | 52,776,832 | 161,515,677 |
| Taxation | – | – |
| ———— | ————- | |
| Net Income for the year after taxation | 52,778,832 | 161,515,677 |
| Other comprehensive income /(loss) for the year | – | – |
| ———— | ————- | |
| Total comprehensive income for the year | 52,778,832 | 161,515,677 |
Faysal Asset Management Limited
Faysal Income and Growth Fund Statement of Net Income for the Year Ended June 30, 2011
| Rupees | |
| Total Income (excluding realized and unrealized loss on sale of marketable securities) | 79,130,657 |
| Total Expenses for the year | (18,136,211) |
| ———- | |
| Income before realized and unrealized gains / (Loss) on sale of marketable securities | 60,994,446 |
| ———- | |
| Net unrealized loss on the marketable securities | (4,832,092) |
| Net realized loss on sale of marketable securities | (969,121) |
| ———- | |
| Net Income for the Year | 55,193,233 |
The Board of Directors of the Management Company in their meeting held on Oct 02, 2010 has decided to make provision for Workers’ Welfare Fund (WWF) in the financial statements of the fund with effect from July 01, 2008. Accordingly the provision for WWF for Rs. 3,918,441 made during the year including Rs. 2, 792,048 for the prior periods.
To comply with the Regulation 63 of Non-Banking Finance Companies and Notified Entities Regulations, 2008 management intend to distribute by way of dividend (in the form of cash or stock dividend) at minimum 90 percent of according income received or derived from sources other than unrealized capital gains for the year ended June 30, 2010 to the unit holders Consequently no provision for taxation has been made as the Fund is exempt from income Tax as per Clanse 99 of part I to the Second Schedule to the Income Tax Ordinance, 2001 if not less than 90 percent of the accounting income for the year as reduced by capital gain whether realized or unrealized is distributed among the with holders.
Salman Haider Sheikh
Chief Executive Officer
Shahid Usman Ojba
Chief Financial Officer
Faysal Asset Management Limited
Faysal Saving Growth Fund Income Statement for the Year Ended June 30, 2011
| June 30,
2011 |
June 30,
2010 |
|
|
(Rupees) |
||
| Income | ||
| Income from repurchase transactions of listed securities | 4,109,683 | – |
| Profit earned on debt and government securities | 209,392,677 | 289,910,434 |
| Return on hank balances and term deposit receipts | 628,906,407 | 521,151,943 |
| Other income | – | 181,594 |
| Net (loss) / gain on investments designated At fair value through profit or loss | ||
| Not capital (loss) / gain on sale of investments | (915,307) | 3,145,811 |
| Unrealised loss on revaluation of investments | (939,943) | (701,634) |
| ——— | ——— | |
| (1,855,250) | 2,444,177 | |
| ——— | ——— | |
| Element of (loss) / gain and capital (losses) / gains Included | ||
| in prices of units sold less those in units redeemed | (107,951,062) | 10,300,126 |
| ———– | ———– | |
| Total Income | 732,602,645 | 824,078,274 |
| ———– | ———– | |
| Expenses | ||
| Remuneration of the Management Company | 99,153,545 | 97,567,688 |
| Remuneration of the Trustee | 7,047,024 | 7,504,513 |
| Brokerage charges | 792,326 | 436,086 |
| Bank charges | 127,183 | 28,505 |
| Auditors’ remuneration | 461,710 | 408,605 |
| SECP annual fee | 4,957,860 | 4,861,876 |
| Legal and professional charges | 158,452 | 60,000 |
| Annual rating fees | 185,000 | 175,000 |
| Annual listing fee | 40,000 | 40,000 |
| Settlement charges, federal excise duty and capital value tax | 6,369 | 60,863 |
| Amortisation of preliminary expenses and flotation costs | 800,000 | 800,000 |
| Printing charges and other expenses | 130,107 | 244,156 |
| Provision for Workers’ Welfare Fund | 39,041,836 | – |
| ———– | ———– | |
| Total expenses | 152,901,412 | 112,187,292 |
| ———– | ———– | |
| Not income for the year before taxation | 579,701,233 | 711,890,982 |
| Taxation | – | – |
| ———– | ———– | |
| Net income for the year after taxation | 579,701,233 | 711,890,982 |
| Other comprehensive income I (loss) for the year | – | – |
| ———– | ———– | |
| Total comprehensive income for the year | 579,701,233 | 711,890,982 |
Faysal Islamic Savings Growth Fund Income Statement for the Year Ended June 30, 2011
| June 30
2011 |
For the period
From June 17, 2010 to June 30, 2010 |
|
| Income |
(Rupees) |
|
| Profit earned on government securities | 9,398,651 | – |
| Return on certificates of Musharika | 1,354,429 | – |
| Returns on bank balances | 17,560,193 | 1,882,012 |
| Net (loss) / gain on investments designated At fair value through profit or loss’ | ||
| ———– | ———– | |
| – Net capital gain on sale of investments | 130,261 | – |
| – Net unrealised gain on revaluation of investments | 279,494 | – |
| ———– | ———– | |
| 409,755 | – | |
| Element of loss and capital losses included in prices of units sold less those in units redeemed | (262,325) | (197,920) |
| ———– | ———– | |
| Total Income | 28,460,703 | 1,684,092 |
| Expenses | ||
| ———– | ———– | |
| Remuneration of the Management Company | 3,444,926 | 222,118 |
| Remuneration of the Trustee | 650,411 | 29,812 |
| Brokerage charges | 10,325 | – |
| Bank charges | 18,345 | 290 |
| Auditors’ remuneration | 382,779 | 120,852 |
| SECP annual fee | 172,246 | 11,105 |
| Legal and professional charges | 127,813 | 3,332 |
| Annual rating fee | 150,015 | – |
| Settlement charges, federal excise duty and capital value tax | 8,000 | – |
| Amortisation of preliminary expenses and floatation costs | 552,494 | 19,796 |
| Printing charges and other expenses | 366,948 | 20,006 |
| Provision for Workers’ Welfare Fund | 476,161 | – |
| ———– | ———– | |
| Total expanses | 6,360,463 | 427,311 |
| ———– | ———– | |
| Net Income for the year / period before taxation | 22,100,240 | 1,256,781 |
| Taxation | – | – |
| ———– | ———– | |
| Net Income for the year/ period after taxation | 22,100,240 | 1,256,781 |
| Other comprehensive income / (loss) for the year/ period | – | – |
| ———– | ———– | |
| Total comprehensive Income for the year/ period | 22,100,240 | 1,256,781 |
Faysal Money Market Fund Income Statement for the Year Ended June 30, 2011
| For the period
From December 13, 2010 to June 30, 2010 |
|
| Income | (Rupees) |
| Profit earned on government securities | 10,856,070 |
| Return on clean placements | 63,671 |
| Return on certificates of investment | 18,973 |
| Returns on bank balances and term deposits receipt | 25,896,552 |
| Net gain / (loss) on investments designated At fair value through profit or loss’ | |
| ———- | |
| – Net capital gain on sale of investments | 1,240,317 |
| – Net unrealised loss on revaluation of investments | (10,256) |
| ———- | |
| 1,230,061 | |
| Element of loss and capital losses included in prices of units sold less those in units redeemed | (1,420,626) |
| ———- | |
| Total Income | 36,644,701 |
| Expenses | |
| ———- | |
| Remuneration of the Management Company | 3,886,423 |
| Remuneration of the Trustee | 499,051 |
| Brokerage charges | 129,072 |
| Bank charges | 53,436 |
| Auditors’ remuneration | 262,970 |
| SECP annual fee | 215,625 |
| Legal and professional charges | 58,000 |
| Annual rating fee | 96,000 |
| Amortisation of preliminary expenses and floatation costs | 332,602 |
| Printing charges and other expenses | 238,168 |
| Provision for Workers’ Welfare Fund | 617,467 |
| ———- | |
| Total expanses | 6,388,814 |
| ———- | |
| Net Income for the period before taxation | 30,255,887 |
| Taxation | – |
| ———- | |
| Net Income for the period after taxation | 30,255,887 |
| Other comprehensive income / (loss) for the year | – |
| ———- | |
| Total comprehensive Income for the period | 30,255,887 |
For more information, contact:
Salman Heider Sheikh
Chief Executive Officer
Shahid Usman Ojha
Chief Financial Officer
Faysal Asset Management Limited
8th Floor, Tower A (801-806 and 818),
Saima Trade Tower, I.I. Chundrigar Road, Karachi
UAN: +9221 111 329 725
Fax: +9221 2277301
Website: www.faysalfunds.com
Email: customerservices@faysalfunds.com