Faysal Asset Management Limited’s financial results for the year ended June 30, 2011

Faysal Asset Management Limited’s financial results for the year ended June 30, 2011

Karachi: We would like to inform you that Board of Directors of Faysal Asset Management Limited (FAML), the Management Company of 1) Faysal Balanced Growth Fund (FBGF), 2) Faysal Income and Growth Fund (FIGF), 3) Faysal Savings Growth Fund (FSGF), 4) Faysal Islamic Savings Growth Fund (FISGF) and 5) Faysal Money Market Fund (FMMF) at its meeting held on Saturday, July 9, 2011 at Karachi has recommended the following:

Final Payout for the year ended June 30, 2011 as reproduced below:

 

Fund Payout
FBGF Rs. 9.55 (9.55%) per unit of par value of Rs.100/-
FIGF Rs. 2.50 (2.5%) Per unit of par value of Rs.100/-
FSGF Rs. 2.40 (2.4%) per unit of par value of Rs.100/-
FISGF Rs. 3.10 (3.1%) per unit of par value of Rs.100/-
FMMF Rs. 3.35 (3.35%) per unit of par value of Rs.100/-

 

Unit Holders who have opted for cash payout will received cash dividend while Unit Holders who have opted for bonus units will be allocated bonus units based on the basis of above mentioned payouts. The above entitlement will be paid to the Unit Holders whose names will appear in the respective Register of Unit Holders of each fund at the close of business on June 30, 2011.

The financial results of FBGF, FIGF, FSGF, FISGF and FMMF for the year ended June 30, 2011 are as follows:

 

Fund Total Income

(PKR)

Total Expenses

(PKR)

Net Income/ (Loss)

(PKR)

FBGF 80,568,889 27,790,057 52,778,832
FIGF 73,329,444 18,136,211 55,193,233
FSGF 732,602,645 152,901,412 579,701,233
FISGF 28,460,703 6,360,463 22,100,240
FMMF 36,644,701 6,388,814 30,255,887

 

Launch date: December 13, 2010

Faysal Balanced Growth Fund Income Statement for the Year Ended June 30, 2011

June 30,

2010

June 30,

2011

(Rupees)

Income
Profit earned on clean placements, debt and government securities 8,646,381 11,620,050
Dividend income 14,169,066 26,048,289
Return on bank balances 12,772,549 19,309,536
Other income 66,620
Net gain on sale of investments designated

At fair value through profit or loss

———— ————-
Net capital gain on investments 49,102,246 120,400,894
Unrealised loss on revaluation of investments (844,783) (4,340,489)
———— ————-
48,257,463 116,060,405
Element of (loss) / income and capital (losses) / gains

Included in prices of units sold less those in units redeemed

(3,276,570) 9,192,387
———— ————-
Total Income 80,568,889 182,297,287
Expenses
Remuneration of the Management Company 9,130,199 9,922,609
Remuneration of the Trustee 913,023 1,315,292
Brokerage charges 2,262,927 3,836,743
Bank charges 22,853 34,964
Auditors’ remuneration 487,256 466,181
SECP annual fee 388,049 557,311
Legal and professional charges 67,188 60,000
Annual rating fee 125,000 115,000
Annual listing fee 40,000 40,000
Settlement charges, federal excise duty and capital value tax 672,814 954,865
Printing charges and other expenses 100,976 248,331
Provision against non-performing assets 12,502,653
Provision for Workers’ Welfare Fund 1,077,119 3,230,314
———— ————-
Total expenses 27,790,057 20,781,610
———— ————-
Net income for the year before taxation 52,776,832 161,515,677
Taxation
———— ————-
Net Income for the year after taxation 52,778,832 161,515,677
Other comprehensive income /(loss) for the year
———— ————-
Total comprehensive income for the year 52,778,832 161,515,677

 

Faysal Asset Management Limited

Faysal Income and Growth Fund Statement of Net Income for the Year Ended June 30, 2011

Rupees
Total Income (excluding realized and unrealized loss on sale of marketable securities) 79,130,657
Total Expenses for the year (18,136,211)
———-
Income before realized and unrealized gains / (Loss) on sale of marketable securities 60,994,446
———-
Net unrealized loss on the marketable securities (4,832,092)
Net realized loss on sale of marketable securities (969,121)
———-
Net Income for the Year 55,193,233

 

The Board of Directors of the Management Company in their meeting held on Oct 02, 2010 has decided to make provision for Workers’ Welfare Fund (WWF) in the financial statements of the fund with effect from July 01, 2008. Accordingly the provision for WWF for Rs. 3,918,441 made during the year including Rs. 2, 792,048 for the prior periods.

To comply with the Regulation 63 of Non-Banking Finance Companies and Notified Entities Regulations, 2008 management intend to distribute by way of dividend (in the form of cash or stock dividend) at minimum 90 percent of according income received or derived from sources other than unrealized capital gains for the year ended June 30, 2010 to the unit holders Consequently no provision for taxation has been made as the Fund is exempt from income Tax as per Clanse 99 of part I to the Second Schedule to the Income Tax Ordinance, 2001 if not less than 90 percent of the accounting income for the year as reduced by capital gain whether realized or unrealized is distributed among the with holders.

Salman Haider Sheikh

Chief Executive Officer

Shahid Usman Ojba

Chief Financial Officer

Faysal Asset Management Limited

Faysal Saving Growth Fund Income Statement for the Year Ended June 30, 2011

June 30,

2011

June 30,

2010

(Rupees)

Income
Income from repurchase transactions of listed securities 4,109,683
Profit earned on debt and government securities 209,392,677 289,910,434
Return on hank balances and term deposit receipts 628,906,407 521,151,943
Other income 181,594
Net (loss) / gain on investments designated At fair value through profit or loss
Not capital (loss) / gain on sale of investments (915,307) 3,145,811
Unrealised loss on revaluation of investments (939,943) (701,634)
——— ———
(1,855,250) 2,444,177
——— ———
Element of (loss) / gain and capital (losses) / gains Included
in prices of units sold less those in units redeemed (107,951,062) 10,300,126
———– ———–
Total Income 732,602,645 824,078,274
———– ———–
Expenses
Remuneration of the Management Company 99,153,545 97,567,688
Remuneration of the Trustee 7,047,024 7,504,513
Brokerage charges 792,326 436,086
Bank charges 127,183 28,505
Auditors’ remuneration 461,710 408,605
SECP annual fee 4,957,860 4,861,876
Legal and professional charges 158,452 60,000
Annual rating fees 185,000 175,000
Annual listing fee 40,000 40,000
Settlement charges, federal excise duty and capital value tax 6,369 60,863
Amortisation of preliminary expenses and flotation costs 800,000 800,000
Printing charges and other expenses 130,107 244,156
Provision for Workers’ Welfare Fund 39,041,836
———– ———–
Total expenses 152,901,412 112,187,292
———– ———–
Not income for the year before taxation 579,701,233 711,890,982
Taxation
———– ———–
Net income for the year after taxation 579,701,233 711,890,982
Other comprehensive income I (loss) for the year
———– ———–
Total comprehensive income for the year 579,701,233 711,890,982

Faysal Islamic Savings Growth Fund Income Statement for the Year Ended June 30, 2011

June 30

2011

For the period

From June 17,

2010 to June

30, 2010

Income

(Rupees)

Profit earned on government securities 9,398,651
Return on certificates of Musharika 1,354,429
Returns on bank balances 17,560,193 1,882,012
Net (loss) / gain on investments designated At fair value through profit or loss’
———– ———–
– Net capital gain on sale of investments 130,261
– Net unrealised gain on revaluation of investments 279,494
———– ———–
409,755
Element of loss and capital losses included in prices of units sold less those in units redeemed (262,325) (197,920)
———– ———–
Total Income 28,460,703 1,684,092
Expenses
———– ———–
Remuneration of the Management Company 3,444,926 222,118
Remuneration of the Trustee 650,411 29,812
Brokerage charges 10,325
Bank charges 18,345 290
Auditors’ remuneration 382,779 120,852
SECP annual fee 172,246 11,105
Legal and professional charges 127,813 3,332
Annual rating fee 150,015
Settlement charges, federal excise duty and capital value tax 8,000
Amortisation of preliminary expenses and floatation costs 552,494 19,796
Printing charges and other expenses 366,948 20,006
Provision for Workers’ Welfare Fund 476,161
———– ———–
Total expanses 6,360,463 427,311
———– ———–
Net Income for the year / period before taxation  22,100,240 1,256,781
Taxation
———– ———–
Net Income for the year/ period after taxation 22,100,240 1,256,781
Other comprehensive income / (loss) for the year/ period
———– ———–
Total comprehensive Income for the year/ period 22,100,240 1,256,781

 

Faysal Money Market Fund Income Statement for the Year Ended June 30, 2011

For the period

From December

13, 2010 to June

30, 2010

Income (Rupees)
Profit earned on government securities 10,856,070
Return on clean placements 63,671
Return on certificates of investment 18,973
Returns on bank balances and term deposits receipt 25,896,552
Net gain / (loss) on investments designated At fair value through profit or loss’
———-
 – Net capital gain on sale of investments 1,240,317
 – Net unrealised loss on revaluation of investments (10,256)
———-
1,230,061
Element of loss and capital losses included in prices of units sold less those in units redeemed (1,420,626)
———-
Total Income 36,644,701
Expenses
———-
Remuneration of the Management Company 3,886,423
Remuneration of the Trustee 499,051
Brokerage charges 129,072
Bank charges 53,436
Auditors’ remuneration 262,970
SECP annual fee 215,625
Legal and professional charges 58,000
Annual rating fee 96,000
Amortisation of preliminary expenses and floatation costs 332,602
Printing charges and other expenses 238,168
Provision for Workers’ Welfare Fund 617,467
———-
Total expanses 6,388,814
———-
Net Income for the period before taxation 30,255,887
Taxation
———-
Net Income for the period after taxation 30,255,887
Other comprehensive income / (loss) for the year
———-
Total comprehensive Income for the period 30,255,887

For more information, contact:
Salman Heider Sheikh
Chief Executive Officer
Shahid Usman Ojha
Chief Financial Officer
Faysal Asset Management Limited
8th Floor, Tower A (801-806 and 818),
Saima Trade Tower, I.I. Chundrigar Road, Karachi
UAN: +9221 111 329 725
Fax: +9221 2277301
Website: www.faysalfunds.com
Email: customerservices@faysalfunds.com

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