KASB Funds Limited’s financial results for the year ended June 30, 2011, for KASB stock market fund under the management

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Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Stock Market 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 Cash Fund for the year ended June 30, 2011.

The financial results of KASB Cash Fund for the year ended June 30, 2011 are enclosed as Annexure – A to this letter.

KASB Stock Market Fund

Income Statement For the year ended June 30, 2011

 

	For the Period from July 20,
	2011	2009 to June 30
	2010
	Rupees in 000
Income
Capital gain on sale of investments	31,157	83,468
Dividend income	8,652	9,290
Profit on bank deposits	4,430	3,080
Unrealized appreciation / (diminution) in fair value of investments classified as at fair value through profit or loss	9,802	(18,272)
	———	———
Total Income	54,041	77,566
Expenses
Remuneration of KASB Funds Limited – Management Company	6,267	7,327
Remuneration of Central Depository Company of Pakistan Limited – Trustee	700	702
Annual fee – The Securities and Exchange
Commission of Pakistan	198	252
Transaction costs on securities	1,985	3,081
Settlement and bank charges	283	295
Legal and professional charges	848	468
Fees and subscription	140	140
Auditors’ remuneration	448	476
Amortization of preliminary expenses and floatation costs	520	520
Printing expenses	120	96
Provision for Workers’ Welfare Fund	–	1,486
(Reversal) / provision against
non-performing investment	(605)	16,000
	———	———
Total expenses	10,540	30,843
	———	———
	43,501	46,273
Net element of income / (loss) and capital gains / (losses) for the year included in prices of units issued less those in units redeemed	(21,281)	27,562
	———	———
Net income for the year	22,220	74,285
	———	———
	As at
	June 30
	2011	2010
Net asset value per unit	29.37	36.53

 

Notes:

1. Earning per unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average number of units for calculating EPU 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