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Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited convened at their Head Office in Karachi to announce the financial results of MCB Pakistan Stock Market Fund for the fiscal year ended June 30, 2023.
MCB Pakistan Stock Market Fund faced a challenging year, reporting a comprehensive loss for the period. The approved financial report highlights the following key figures:
INCOME:
Financial Income on Government Securities Market Treasury Bills: Rs. 3,677,000
Financial Income on Bank Balances: Rs. 44,342,000
Dividend Income: Rs. 536,451,000
Loss on Sale of Investments Net: Rs. (159,784,000)
Unrealized Loss on Re-measurement of Investments classified as at Fair Value through Profit or Loss Net: Rs. (422,659,000)
Other Income: Rs. 344,000
Total Income: Rs. 2,371,000
EXPENSES:
Remuneration of the Management Company: Rs. 139,616,000
Sindh Sales Tax on Remuneration of the Management Company: Rs. 18,150,000
Remuneration of the Trustee: Rs. 7,981,000
Sindh Sales Tax on Remuneration of the Trustee: Rs. 1,037,000
Annual Fee of the Securities and Exchange Commission of Pakistan: Rs. 1,396,000
Allocated Expenses: Rs. 6,981,000
Selling and Marketing Expenses: Rs. 90,750,000
Auditors’ Remuneration: Rs. 1,300,000
Securities Transaction Cost: Rs. 30,699,000
Settlement and Bank Charges: Rs. 2,454,000
Legal and Professional Charges: Rs. 174,000
Fees and Subscriptions: Rs. 28,000
Other Charges: Rs. 40,000
Total Expenses: Rs. 300,606,000
NET LOSS FROM OPERATING ACTIVITIES:
Net Loss from Operating Activities: Rs. (298,235,000)
REVERSAL OF PROVISION:
Reversal of Provision for Sindh Workers’ Welfare Fund (SWWF): Rs. 120,605,000
NET LOSS FOR THE YEAR BEFORE TAXATION:
Net Loss for the Year Before Taxation: Rs. (298,235,000)
NET LOSS FOR THE YEAR AFTER TAXATION:
Net Loss for the Year: Rs. (298,235,000)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR:
Total Comprehensive Loss for the Year: Rs. (298,235,000)
Investors and stakeholders will be closely observing the fund’s management for strategies aimed at recovering from the year’s losses and returning to a profitable path in the future.
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