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KASB Funds Limited’s financial results for the year ended June 30, 2011, for KASB Asset allocation fund (Formerly KASB Balanced Fund) under the management

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by September 16, 2011 Financial Results

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

The financial results of KASB Asset Allocation Fund (formerly KASB Balanced Fund) for the year ended June 30, 2011 are enclosed as Annexure A to this letter.

Annexure – A

KASB Asset Allocation Fund (formerly KASB Balanced Fund)

Income Statement

for the year ended June 30, 2011

 

2011

2010

(Rupees in ‘000’)

Income
Income from term finance and sukuk certificates: 10,148 36,998
Income from government securities 1,667
Dividend Income 10,299 7,077
Income from placements 4,091
Income from certificates of investment 3,744 5,455
Profit on bank and other deposits 7,200 9,269
Capital gain on sale of investments 23,557 64,664
Unrealised appreciation / (diminution) in Fair value of investments classified
as at fait value through profit or loss 7,572 (20,571)
—— ——-
Total income 62,520 108,650
Expenses
Remuneration of KASB Funds Limited Management Company 8,292 10,452
Remuneration of Central Depository Company of Pakistan limited -Trustee 829 1,045
Annual fee -The Securities and Exchange Commission of Pakistan 382 444
Transaction cost on securities  3,737 2,517
Settlement and bank charges 351 264
Legal and professional charges 521 572
Fees and subscription 168 40
Auditors’ remuneration  449 506
Amortisation of preliminary expenses and floatation costs 640 640
Printing and other expenses 130 139
Provision for Workers’ Welfare Fund  – 627
Provision against non-performing investments 41,016 50,000
Provision against non-performing placements 21,550 9,450
Provision against non-performing certificates of investment 7,922
Provision for doubtful income receivable  5,941 12,864
 ——  ——-
Total expenses 91,928 89,660
 —— ——-
(29,408) 18,990
Net realised element of income/ (loss) and capital gains / losses) included in prices of units issued less those in units redeemed  (1,852) 12,388
—— ——-
Net (loss) / income for the year  (31,260) 31,378

——

——-

As at

June 30

2011

2010

(Rupees)

Net asset value per unit 38.07 43.13

 

Note:

I. (Loss) Earring per unit has not been disclosed as in the opinion of 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

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