Pak Oman Asset Management Company Limited’s announcement advantage asset allocations fund (POAAAF) (Formerly

Karachi: The Board of Directors of Pak Oman Asset Management Company Limited (POAMCL) – the Management Company for POAAAF in it’s meeting held on August 23, 2011 at Musqat Oman, Approved the financial statements for the year ended June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks5,9066,715
Profit on government securities, term finance and Sukuk certificates3,5223,791
Profit on placements with financial institutions-29
Income from sale of investments30,96811,345
Dividend income5,0031,911
Other income1116
————
45,41023,809
Unrealised loss on investments ‘at fair value through profit or loss’(7,525)(1,574)
Provision against accrued profit-(1,353)
Provision against non-performing debt securities(4,809)(7,496)
Reversal of provision on an investment2,875-
————
 (9,459)(10,423)
—— ——
Total Income 35,85113,386
Expenses
Remuneration to Pak Oman Asset Management Company Limited -
Management Company of the Fund 5,2904,264
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund700700
Securities and Exchange Commission of Pakistan – annual fee166135
Auditors’ remuneration 485425
Fees and subscription13030
Amortisation of preliminary expenses and floatation cost335336
Workers’ Welfare Fund572448
Brokerage5,4374,689
Bank, Settlement and other charges 380351
—— ——
Total Expenses13,49711,378
Element of gain / (loss) included in prices of units sold less
These in units redeemed6,121 (3,926)
 —— ——
Net Income / (loss) (28,575)(1,918)

 

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Cash Dividend:

Cash dividend for the year June 30, 2011 Rs. 1.0173 per certificate i.e. 10.17%

The financial results are as follows:

 

June 30, 2011

June 30, 2010

(Rupees in ‘000)

Income
Net (Loss) from sale of marketable securities(17,329)(9,329)
Profit on term finance certificates and sukuks 95,516116,970
Profit on deposit with banks35,04723,577
Profit on placements with financial institution 2,104 39
Profit on government securities 12,2441,621
——-——-
127,582132,878
Unrealised gain / (loss) in fair value of marketable
Securities “at fair value through profit or loss” 4,050 (1,702)
 ——-——-
Total income 131,632131,176
Expenses
Remuneration to Pak Oman Asset Management Company Limited -
Management Company of the Fund13,38613,478
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund1,3321,338
Securities and Exchange Commission of Pakistan – annual fee803809
Auditors’ remuneration547466
Fees and subscription277175
Amortisation of preliminary expenses and floatation cost 1,6241,624
Transaction cost102210
Bank and settlement charges189264
Provision on investment-4,193
Other expenses2,2394,347
——-——-
Total expenses 20,49926,904
——- ——-
Net Income111,133104,272

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAIIF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks15,72113,853
Profit on placements with financial institutions7,1604,392
Profit on sukuk certificates9,8076,833
Gain / (loss) on sale on investments345(12,141)
Other income -90
————
33,03313,027
Unrealised gain in investments ‘ at fair value through profit or loss’ – upon initial recognition 236 -
Reversal of provision on an investment -5,850
 ————
    2365,850
 ————
Total Income33,26918,877
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the End5,5854,398
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund663700
Securities and Exchange Commission of Pakistan – annual fee
Auditor’ remuneration209165
Fees and subscription505475
Amortisation of preliminary expenses and floatation cost
Workers’ Welfare fund – Current year 180150
Prior Period635182
Brokerage - 415
Bank and settlement charges102 36
Total expenses55170
 —— ——
8,4147,691
Element of gain/ (loss) included in prices of units
sold less those in units Redeemed 6,918 (2,091)
—— ——
Net Income / Total comprehensive Income31,7739,095

 

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAAF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks3,1414,330
Profit on placements -723
Profit on sukuk certificates4,8964,948
Gain / (loss) on sale on investments26,39810,019
Dividend Income 4,4712,043
Other income-20
————
38,90622,083
Unrealised loss on investments(9,797)(3,708)
Reversal for accrued profit on an investment -(1,548)
Reversal of provision on an investment5,000 2,925
Provision against a non-performing debt security-(5,000)
————
(4,797)(7,331)
————
Total Income34,10914,752
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the End3,843 3,869
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund700700
Securities and Exchange Commission of Pakistan – annual fee115115
Auditor’ remuneration535475
Fees and subscription13030
Amortisation of preliminary expenses and floatation cost 290290
Workers’ Welfare fund – Current year48247
Prior Period-299
Brokerage2,2252,330
Bank and settlement and other charges 645730
————
Total expenses 8,7658,685
Element of loss included in prices of units sold less those in units
Redeemed(1,248)(3,728)
————
Net Income / Total comprehensive Income24,0982,341

 

We refer to letter ref. # POAF/12/0011 dated August 23, 2011 regarding the POAF announcement of cash dividend @ Rs. 1.0173 per certificates. Please note that the book closure dates for the entitlement of dividend for the certificate holders of POAF, is form Saturday, September 17, 2011 to Friday, September 23, 2011; both days inclusive. The above entitlement will be paid to the certificate holders whose names will appear in the Register of Members on September 16, 2011.

 

For more information, contact:
Najam Ul Hassan
Company Secretary
Pak Oman Asset Management Company Limited
1st Floor, Tower A,
Finance and Trade Center,
Shahrah-e-Faisal,
Karachi.
Tel: 92-21-35631020-4
Fax: 92-21-35631025
Email: info@pakomanfunds.com
Web: www.pakomanfunds.com