KASB Funds Limited’s financial results for the year ended June 30, 2011, for KASB Islamic income opportunity fund (formerly KASB Islamic Income Fund) under the Management
Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Islamic Income Opportunity Fund (formerly KASB Islamic Income 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 Islamic Income Opportunity Fund (formerly KASB Islamic Income Fund) for the year ended June 30, 2011.
The financial results of KASB Islamic Income Opportunity Fund (formerly KASB Islamic Income Fund) for the year ended June 30, 2011 are enclosed as Annexure A to this letter.
Annexure – A
KASB Islamic Income Opportunity Fund (formerly KASB Islamic Income Fund) Income Statement
For the year ended June 30, 2011
2011 | 2010 | |
(Rupees in ’000’) | ||
| (Loss) / Income | ||
| Income from sukuk certificates | 13,916 | 32,400 |
| Profit on bank deposits | 7,265 | 14,850 |
| Capital loss on sale of investments | (34,789) | (10,519) |
| Unrealised diminution in fair value of investments classified as at fair value through profit or loss’ | (1) | - |
| ——- | ——- | |
| To al (loss) I income | (13,609) | 36,731 |
| Expenses | ||
| Remuneration of KASB Funds Limited – Management Company | 2,653 | 4,577 |
| Remuneration of Central Depository Company of Pakistan Limited Trustee | 650 | 829 |
| Annual fee – The Securities and Exchange Commission of Pakistan | 159 | 275 |
| Transaction costs on securities | 31 | 58 |
| Settlement and hank charges | 15 | 66 |
| Legal and professional charges | 487 | 315 |
| Fees and subscription | 230 | 330 |
| Auditors remuneration | 484 | 528 |
| Amortization of preliminary expenses and floatation costs | 200 | 200 |
| Charity | 4 | - |
| Printing and other expenses | 133 | 94 |
| Provision for Workers Welfare Fund | - | 1,248 |
| (Reversal) / provision against non-performing investments | (1,295) | 12,483 |
| ——- | ——- | |
| Total expenses | 3,751 | 21,003 |
| ——- | ——- | |
| (17,360) | 15,728 | |
| Net realized element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed | (1,053) | (10,707) |
| ——- | ——- | |
| Net (loss) / income for the year | (18,413) | 5,021 |
| ——- | ——- | |
As at | ||
June 30 | ||
2011 | 2010 | |
(Rupees) | ||
| Net asset value per unit | 96.2502 | 99.3225 |
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 ahoy.
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
