Karachi: This is to inform you that the Board of Directors of Golden Arrow Selected Stocks Fund Limited (GASF) in their meeting held on August 09, 2011 at 02:00 p.m. at the registered office 216-217, Continental Trade Centre, Block-8, Clifton, Karachi, has approved the financial results for the year ended June 30, 2011 and recommended the following:
1. Cash Dividend
A final Cash Dividend for the year ended June 30, 2011 at Re. 0.75/- (Seventy Five Paisa) per share i.e. 15.00% of face value of Rs.5/- per share
2. Bonus Shares Nil
3. Right Shares Nil
The financial results of Golden Arrow Selected Stocks Fund Limited for the year ended June 30, 2011 are as follows:
2011 |
2010 |
|
(Rupees in “000) |
||
Income | ||
Capital gain on sale of investments – net | 102,727 | 174,913 |
Dividend income | 48,649 | 43,545 |
Unrealised diminution on re-measurement of investments classified
as ‘financial assets at fair value through profit or loss’ – net |
(10,459) | (64,499) |
Unrealised gain on letter of rights | 948 | – |
Income on term finance certificates | 7,389 | 13,164 |
Profit on bank deposits | 1,033 | 12,628 |
Other Income | 393 | – |
——– | ——– | |
Total Income | 150,680 | 179,751 |
Operating expenses | ||
Impairment loss on investments classified as ‘available for sale’ – net | – | 6,871 |
Remuneration of Management Company | 19,661 | 20,095 |
Annual fee – Securities and Exchange Commission of Pakistan (SECP) | 934 | 955 |
Remuneration of Custodian – Central Depository Company
of Pakistan Limited (CDC) |
590 | 705 |
Auditors’ remuneration | 318 | 325 |
Legal and professional charges | 14 | 48 |
Annual listing fee | 197 | 145 |
Central Depository System charges | 138 | 341 |
Fees and subscription | 401 | 330 |
Securities transaction cost | 1,636 | 5,491 |
Bank charges | 7 | 17 |
Director’s fee | 65 | 90 |
Printing and postage | 802 | 712 |
Provision of Workers Welfare Fund | 2,517 | 2,870 |
Advertisement | 69 | 151 |
——– | ——– | |
Total Expenses | 27,349 | 39,146 |
——– | ——– | |
Net income before taxation | 123,331 | 140,605 |
Taxation | – | – |
——– | ——– | |
Net income after taxation | 123,331 | 140,605 |
Other comprehensive income: | ||
Unrealised appreciation arising during the year on re-measurement of investments | ||
Classified as ‘available for sale’ – net | 558 | 269 |
Reclassified adjustment for net gain realised on disposal of | ||
Available for sale investments | – | (4,821) |
Reclassified adjustment for impairment loss on available for sale | ||
Investments included in income statement | – | 976 |
——– | ——– | |
558 | (3,576) | |
——– | ——– | |
Total comprehensive income for the year | 123,889 | 137,029 |
——– | ——- | |
Rupees |
||
Earnings per share | 0.81 | 0.92 |
For more information, contact:
Muhammad Amin Hussain
Company Secretary
Golden Arrow Selected Stocks Fund Limited
606, Continental Trade Centre,
Block-8, Clifton,
Karachi – 74000.
PABX: (92-21) 5371305-7
Fax: (92-21) 5373217
Email: info@akdinvestment.com