Faysal Asset Management Limited’s financial results for the year ended June 30, 2011

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:

 

FundPayout
FBGFRs. 9.55 (9.55%) per unit of par value of Rs.100/-
FIGFRs. 2.50 (2.5%) Per unit of par value of Rs.100/-
FSGFRs. 2.40 (2.4%) per unit of par value of Rs.100/-
FISGFRs. 3.10 (3.1%) per unit of par value of Rs.100/-
FMMFRs. 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:

 

FundTotal Income

(PKR)

Total Expenses

(PKR)

Net Income/ (Loss)

(PKR)

FBGF80,568,88927,790,05752,778,832
FIGF73,329,44418,136,21155,193,233
FSGF732,602,645152,901,412579,701,233
FISGF28,460,7036,360,46322,100,240
FMMF36,644,7016,388,81430,255,887

 

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 securities8,646,38111,620,050
Dividend income14,169,06626,048,289
Return on bank balances12,772,54919,309,536
Other income-66,620
Net gain on sale of investments designated

At fair value through profit or loss

————————-
Net capital gain on investments49,102,246120,400,894
Unrealised loss on revaluation of investments(844,783)(4,340,489)
————————-
48,257,463116,060,405
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 Income80,568,889182,297,287
Expenses
Remuneration of the Management Company9,130,1999,922,609
Remuneration of the Trustee913,0231,315,292
Brokerage charges2,262,9273,836,743
Bank charges22,85334,964
Auditors’ remuneration487,256466,181
SECP annual fee388,049557,311
Legal and professional charges67,18860,000
Annual rating fee125,000115,000
Annual listing fee40,00040,000
Settlement charges, federal excise duty and capital value tax672,814954,865
Printing charges and other expenses100,976248,331
Provision against non-performing assets12,502,653-
Provision for Workers’ Welfare Fund1,077,1193,230,314
————————-
Total expenses27,790,05720,781,610
————————-
Net income for the year before taxation52,776,832161,515,677
Taxation--
————————-
Net Income for the year after taxation52,778,832161,515,677
Other comprehensive income /(loss) for the year--
————————-
Total comprehensive income for the year52,778,832161,515,677

 

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 securities60,994,446
———-
Net unrealized loss on the marketable securities(4,832,092)
Net realized loss on sale of marketable securities(969,121)
———-
Net Income for the Year55,193,233

 

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 securities4,109,683-
Profit earned on debt and government securities209,392,677289,910,434
Return on hank balances and term deposit receipts628,906,407521,151,943
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 Income732,602,645824,078,274
———–———–
Expenses
Remuneration of the Management Company99,153,54597,567,688
Remuneration of the Trustee7,047,0247,504,513
Brokerage charges792,326436,086
Bank charges127,18328,505
Auditors’ remuneration461,710408,605
SECP annual fee4,957,8604,861,876
Legal and professional charges158,45260,000
Annual rating fees185,000175,000
Annual listing fee40,00040,000
Settlement charges, federal excise duty and capital value tax6,36960,863
Amortisation of preliminary expenses and flotation costs800,000800,000
Printing charges and other expenses130,107244,156
Provision for Workers’ Welfare Fund39,041,836-
———–———–
Total expenses152,901,412112,187,292
———–———–
Not income for the year before taxation579,701,233711,890,982
Taxation--
———–———–
Net income for the year after taxation579,701,233711,890,982
Other comprehensive income I (loss) for the year--
———–———–
Total comprehensive income for the year579,701,233711,890,982

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 securities9,398,651-
Return on certificates of Musharika1,354,429-
Returns on bank balances17,560,1931,882,012
Net (loss) / gain on investments designated At fair value through profit or loss’
———–———–
- Net capital gain on sale of investments130,261-
- Net unrealised gain on revaluation of investments279,494-
———–———–
409,755-
Element of loss and capital losses included in prices of units sold less those in units redeemed(262,325)(197,920)
———–———–
Total Income28,460,7031,684,092
Expenses
———–———–
Remuneration of the Management Company3,444,926222,118
Remuneration of the Trustee650,41129,812
Brokerage charges10,325-
Bank charges18,345290
Auditors’ remuneration382,779120,852
SECP annual fee172,24611,105
Legal and professional charges127,8133,332
Annual rating fee150,015-
Settlement charges, federal excise duty and capital value tax8,000-
Amortisation of preliminary expenses and floatation costs552,49419,796
Printing charges and other expenses366,94820,006
Provision for Workers’ Welfare Fund476,161-
———–———–
Total expanses6,360,463427,311
———–———–
Net Income for the year / period before taxation 22,100,2401,256,781
Taxation--
———–———–
Net Income for the year/ period after taxation22,100,2401,256,781
Other comprehensive income / (loss) for the year/ period--
———–———–
Total comprehensive Income for the year/ period22,100,2401,256,781

 

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 securities10,856,070
Return on clean placements63,671
Return on certificates of investment18,973
Returns on bank balances and term deposits receipt25,896,552
Net gain / (loss) on investments designated At fair value through profit or loss’
———-
 - Net capital gain on sale of investments1,240,317
 - 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 Income36,644,701
Expenses
———-
Remuneration of the Management Company3,886,423
Remuneration of the Trustee499,051
Brokerage charges129,072
Bank charges53,436
Auditors’ remuneration262,970
SECP annual fee215,625
Legal and professional charges58,000
Annual rating fee96,000
Amortisation of preliminary expenses and floatation costs332,602
Printing charges and other expenses238,168
Provision for Workers’ Welfare Fund617,467
———-
Total expanses6,388,814
———-
Net Income for the period before taxation30,255,887
Taxation-
———-
Net Income for the period after taxation30,255,887
Other comprehensive income / (loss) for the year-
———-
Total comprehensive Income for the period30,255,887

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