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

Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Stock Market 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 Stock Market 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
Capital gain on sale of investments31,15783,468
Dividend income8,6529,290
Profit on bank deposits4,4303,080
Unrealized appreciation / (diminution) in fair

value of investments classified as at fair value

through profit or loss

 9,802 (18,272)
 ——— ———
Total Income54,04177,566
Expenses
Remuneration of KASB Funds Limited -

Management Company

6,2677,327
Remuneration of Central Depository Company of

Pakistan Limited – Trustee

700702
Annual fee – The Securities and Exchange
Commission of Pakistan198252
Transaction costs on securities1,9853,081
Settlement and bank charges283295
Legal and professional charges848468
Fees and subscription140140
Auditors’ remuneration448 476
Amortization of preliminary expenses

and floatation costs

520520
Printing expenses12096
Provision for Workers’ Welfare Fund-1,486
(Reversal) / provision against
non-performing investment(605)16,000
——————
Total expenses10,54030,843
 ——— ———
 43,50146,273
Net element of income / (loss) and capital gains /

(losses) for the year included in prices of units

issued less those in units redeemed

 (21,281) 27,562
——————
Net income for the year22,22074,285
  ——————

As at

June 30

20112010
Net asset value per unit29.3736.53

 

Notes:

1. Earning per unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average number of units for calculating EPU 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