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 certificates13,91632,400
Profit on bank deposits 7,26514,850
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 Company2,6534,577
Remuneration of Central Depository Company of Pakistan Limited Trustee650829
Annual fee – The Securities and Exchange Commission of Pakistan159 275
Transaction costs on securities3158
Settlement and hank charges1566
Legal and professional charges487315
Fees and subscription230330
Auditors remuneration484528
Amortization of preliminary expenses and floatation costs200200
Charity4 -
Printing and other expenses13394
Provision for Workers Welfare Fund-1,248
(Reversal) / provision against non-performing investments (1,295)12,483
——- ——-
Total expenses3,75121,003
 ——-——-
(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 unit96.250299.3225

 

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