Golden Arrow Selected Stocks Fund Limited’s financial results for the year ended June 30, 2011

Golden Arrow Selected Stocks Fund Limited’s financial results for the year ended June 30, 2011

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

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