KASB Funds Limited’s financial results for the year ended June 30, 2011, for KASB Income opportunity fund (Formerly KASB Liquid Fund) under the management

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

The financial results of KASB Income Opportunity Fund (formerly KASB Liquid Fund) for the year ended June 30, 2011 are enclosed as Annexure – A to this letter.

Annexure – A

KASB Income Opportunity Fund (formerly KASB Liquid Fund)

Income Statement for the Year Ended June 30, 2011

 

2011

2010

(Rupees in ‘000’)

Income
Income from term finance and sukuk certificates84,928196,702
Income from term deposit receipts-17,089
Income from Government Securities191-
Income from placements1,61015,824
Income from certificates of investment-2,838
Profit on bank deposits2,9336,942
Capital loss on sale of investments(55,848)(79,930)
Unrealised appreciation / (diminution) in value of investments at fair value through profit or loss – net36,178(2,009)
——-——-
Total income 69,992157,456
Expenses
Remuneration of Management Company14,28325,069
Remuneration of Trustee1,340 2,657
Annual fee Securities and Exchange Commission of Pakistan5361,243
Transaction costs on securities261290
Settlement and bank charges23546
Legal and professional charges5771,158
Fees and subscription240475
Auditors’ remuneration457525
Amortisation of preliminary expenses and floatation costs513602
Printing and other expenses144191
Financial Charges6791,596
Provision against Income from certificate of investments639 -
Provision against non-performing letter of placement48,05043,450
Provision against non-performing certificates of investment2,075-
Provision against non-performing investments229,774255,353
Provision for doubtful income receivable10,59826,345
Total expenses310,401359,000
——-——-
 (240,409)(201,544)
Net element of income / (loss) and capital gains / losses) included in prices of units issued less those in units redeemed(4,534)2,093
Provision for Workers Welfare Fund- (3,372)
 ——- ——-
Net loss for the year before taxation(244,943)(202,823)
Taxation--
——- ——-
Net loss for the year after taxation (244,943) (202,823)
——- ——-

As at

June 30

2011

2010

(Rupees)

Net asset value per unit52.966585.5835

 

Note:

1. (Loss) Earning per unit 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