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Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited, the management company of MCB Pakistan Asset Allocation Fund, convened at their Head Office in Karachi to announce the financial results for the year ended June 30, 2023.
Despite the challenging market conditions during the mentioned period, MCB Pakistan Asset Allocation Fund faced headwinds in generating favorable returns. The approved financial results are as follows:
INCOME:
Markup/Return on Investments: Rs. 5,433,000
Loss on Sale of Investments – Net: (Rs. 34,661,000)
Markup on Deposits with Banks: Rs. 19,765,000
Dividend Income: Rs. 59,698,000
Unrealized Loss on Re-measurement of Investments at Fair Value through Profit or Loss – Net: (Rs. 18,898,000)
Other Income: Rs. 139,000
Total Income: Rs. 11,293,000 (Loss)
EXPENSES:
Remuneration of MCB-Arif Habib Savings and Investments Limited – Management Company: Rs. 23,716,000
Sindh Sales Tax on Remuneration of Management Company: Rs. 1,083,000
Allocated Expenses: Rs. 717,000
Remuneration of Central Depository Company of Pakistan Limited – Trustee: Rs. 1,453,000
Sindh Sales Tax on Remuneration of Trustee: Rs. 186,000
Annual Fee to Securities and Exchange Commission of Pakistan: Rs. 144,000
Brokerage and Settlement Charges: Rs. 3,339,000
Auditors’ Remuneration: Rs. 1,025,000
Other Expenses: Rs. 373,000
Total Operating Expenses: Rs. 34,016,000
REVERSAL OF PROVISION:
Reversal of Provision against Sindh Workers’ Welfare Fund: Rs. 15,700,000
NET LOSS FOR THE YEAR:
Net Loss for the Year Before Taxation: (Rs. 2,723,000)
TAXATION:
Taxation: Not disclosed
NET LOSS AFTER TAXATION:
Net Loss for the Year After Taxation: (Rs. 2,723,000)
OTHER COMPREHENSIVE INCOME:
Other Comprehensive Loss: Not disclosed
TOTAL COMPREHENSIVE LOSS FOR THE YEAR:
Total Comprehensive Loss for the Year: (Rs. 2,723,000)
The MCB Pakistan Asset Allocation Fund faced significant challenges during the fiscal year, leading to a net loss after taxation. The management company, MCB-Arif Habib Savings & Investments Limited, remains focused on revising investment strategies and optimizing asset allocation to enhance returns for investors in the future.
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