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WEEKLY
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| NIT profits rise 43pc to Rs2bn |
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Wednesday, October 14, 2009
By our correspondent
KARACHI: The National Investment Trust (NIT), the oldest and leading open-end mutual fund in the country, has reported a growth of 43.4 per cent in its net earnings to Rs2,071 million for the quarter ended September 30, 2009. The Trust had earned Rs1,444 million in the same quarter last year.
The Chairman and MD NIT Tariq Iqbal Khan disclosed this in a press statement on Tuesday after the Trust’s Board of Directors met here. The Board approved accounts of four funds under its management.
In case of NIT-LOC Holders’ Fund, the growth in net income increased by 189 per cent to Rs429 million in the period under review against Rs149 million during the first quarter of fiscal year 2008.
The net income of Rs2,071 million translates into earnings per unit of Rs1.95 against Rs1.52 in the corresponding quarter last year. Likewise, net income of Rs429 million earned by NIT-LOC holders Fund translated into earnings per unit of Rs0.43 against Rs0.20 in the same quarter last year.
Chairman NIT said the Fund has realised capital gains of Rs335 million, depicting a phenomenal growth of 1,094 per cent, as compared to Rs28 million capital gain realised by the Fund during the quarter ended September 30, 2008. Whereas, the capital gains realized by LOC Fund jumped to Rs187 million for the quarter under review from Rs29 million capital gain realized by the Fund during the corresponding quarter of last year, up by 545 per cent.
The shift in investment towards dividend paying stocks resulted into a growth of 11 per cent in dividend income earned by NIT-LOC holders Fund during first quarter of fiscal year 2009 which grew to Rs205 million in quarter under review from Rs184 million. Similarly, the dividend income earned by NIT increased by 1.5 per cent from Rs237 million to Rs240 million during the quarter ended on September 30, 2009, the press statement added.
NIT-Equity Market Fund: Since the NIT-Equity Market Fund (NIT-EMF) became operational on September 14, 2009 till the quarter ended on September 30, 2009, the Fund has earned a net income of Rs105.38 million. This translated into earning per unit at Rs1.77 for the period under review. During this period the Fund earned a dividend income of Rs33.5 million whereas the capital gains realized by the Fund stood at Rs72.3 million.
NIT State Enterprise Fund: Net income earned by NIT State Enterprise Fund (NIT-SEF) stood at Rs966.4 million which translated into per unit earning at Rs4.70 during the quarter ended on September 30, 2009. The dividend income earned by the Fund stood at Rs290 million during the quarter under review.
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ISSN 1563-9479 
