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

Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Cash 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 Cash 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
Income from government Securities56,09121,455
Income from placements3,7901,808
Income from term deposit receipts7,8722,667
Profit on bank deposits1,67615,794
Unrealized diminution in fair value of investments classified as at fair value through profit or loss (222)(105)
Capital gain / (loss) on sale of investments13(161)
 ——————
Total income69,22041,458
Expenses
Remuneration of KASB Funds Limited – Management Company4,275 3,283
Remuneration of MCB Financial Services Limited Trustee1,096735
Annual fee – Securities and Exchange Commission of Pakistan412270
transaction costs on Securities11182
Settlement and bank charges 2425
Legal and professional charges55275
Fees and subscription 230 230
Auditors’ remuneration442408
Amortization of preliminary expenses and
floatation costs694612
Provision for Workers’ Welfare Fund402752
Printing and other expenses260 121
——————
Total expenses8,0016,793
——————
61,21934,665
Net realized element of income / (loss) and capital gains / (losses) included in prices of units

issued less those in units redeemed

 (2,186)2,890
——————
Net income for the year/ period59,03337,555
 ——— ———

As at

June 30

2011

2010

Net asset value per unit103.3587102.3398

 

Notes:

Earning per unit (EPU) 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