AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Income Opportunity Fund: formerly KASB Liquid Fund) in its meeting held on Thursday, September 15, 2011 at 04:00 pm (PST) at the Board Room, 5th Floor, Trade Centre, I. I. Chundrigar Road, Karachi, approved the Condensed Financial Statements (Audited) of KASB Income Opportunity Fund (formerly KASB Liquid Fund) for the year ended June 30, 2011.
The financial results of KASB Income Opportunity Fund (formerly KASB Liquid Fund) for the year ended June 30, 2011 are enclosed as Annexure – A to this letter.
Annexure – A
KASB Income Opportunity Fund (formerly KASB Liquid Fund)
Income Statement for the Year Ended June 30, 2011
|
2011 |
2010 |
|
|
(Rupees in ‘000’) |
||
| Income | ||
| Income from term finance and sukuk certificates | 84,928 | 196,702 |
| Income from term deposit receipts | – | 17,089 |
| Income from Government Securities | 191 | – |
| Income from placements | 1,610 | 15,824 |
| Income from certificates of investment | – | 2,838 |
| Profit on bank deposits | 2,933 | 6,942 |
| Capital loss on sale of investments | (55,848) | (79,930) |
| Unrealised appreciation / (diminution) in value of investments at fair value through profit or loss – net | 36,178 | (2,009) |
| ——- | ——- | |
| Total income | 69,992 | 157,456 |
| Expenses | ||
| Remuneration of Management Company | 14,283 | 25,069 |
| Remuneration of Trustee | 1,340 | 2,657 |
| Annual fee Securities and Exchange Commission of Pakistan | 536 | 1,243 |
| Transaction costs on securities | 261 | 290 |
| Settlement and bank charges | 235 | 46 |
| Legal and professional charges | 577 | 1,158 |
| Fees and subscription | 240 | 475 |
| Auditors’ remuneration | 457 | 525 |
| Amortisation of preliminary expenses and floatation costs | 513 | 602 |
| Printing and other expenses | 144 | 191 |
| Financial Charges | 679 | 1,596 |
| Provision against Income from certificate of investments | 639 | – |
| Provision against non-performing letter of placement | 48,050 | 43,450 |
| Provision against non-performing certificates of investment | 2,075 | – |
| Provision against non-performing investments | 229,774 | 255,353 |
| Provision for doubtful income receivable | 10,598 | 26,345 |
| Total expenses | 310,401 | 359,000 |
| ——- | ——- | |
| (240,409) | (201,544) | |
| Net element of income / (loss) and capital gains / losses) included in prices of units issued less those in units redeemed | (4,534) | 2,093 |
| Provision for Workers Welfare Fund | – | (3,372) |
| ——- | ——- | |
| Net loss for the year before taxation | (244,943) | (202,823) |
| Taxation | – | – |
| ——- | ——- | |
| Net loss for the year after taxation | (244,943) | (202,823) |
| ——- | ——- | |
|
As at |
||
|
June 30 |
||
|
2011 |
2010 |
|
|
(Rupees) |
||
| Net asset value per unit | 52.9665 | 85.5835 |
Note:
1. (Loss) Earning per unit has not been disclosed as in the opinion of the management, determination of weighted average number of units for calculating (Loss) / Earning per unit is not practicable. However, net asset value per unit has been disclosed above.
For more information, contact:
KASB Funds Limited
5th Floor, Trade Centre
I.I. Chundrigar Road
Karachi – 74200, Pakistan
UAN: +92-21-11535-535
Fax: +92-21-3262-4635