Karachi: The Board of Directors of Pak Oman Asset Management Company Limited (POAMCL) – the Management Company for POAAAF in it’s meeting held on August 23, 2011 at Musqat Oman, Approved the financial statements for the year ended June 30, 2011.
Dividend – Nil
The financial results are as follows:
|
2011 |
2010 |
|
|
(Rupees in ‘000) |
||
| Income | ||
| Profit on deposit accounts with banks | 5,906 | 6,715 |
| Profit on government securities, term finance and Sukuk certificates | 3,522 | 3,791 |
| Profit on placements with financial institutions | – | 29 |
| Income from sale of investments | 30,968 | 11,345 |
| Dividend income | 5,003 | 1,911 |
| Other income | 11 | 16 |
| —— | —— | |
| 45,410 | 23,809 | |
| Unrealised loss on investments ‘at fair value through profit or loss’ | (7,525) | (1,574) |
| Provision against accrued profit | – | (1,353) |
| Provision against non-performing debt securities | (4,809) | (7,496) |
| Reversal of provision on an investment | 2,875 | – |
| —— | —— | |
| (9,459) | (10,423) | |
| —— | —— | |
| Total Income | 35,851 | 13,386 |
| Expenses | ||
| Remuneration to Pak Oman Asset Management Company Limited – | ||
| Management Company of the Fund | 5,290 | 4,264 |
| Remuneration to Central Depository Company of Pakistan Limited – | ||
| Trustee of the Fund | 700 | 700 |
| Securities and Exchange Commission of Pakistan – annual fee | 166 | 135 |
| Auditors’ remuneration | 485 | 425 |
| Fees and subscription | 130 | 30 |
| Amortisation of preliminary expenses and floatation cost | 335 | 336 |
| Workers’ Welfare Fund | 572 | 448 |
| Brokerage | 5,437 | 4,689 |
| Bank, Settlement and other charges | 380 | 351 |
| —— | —— | |
| Total Expenses | 13,497 | 11,378 |
| Element of gain / (loss) included in prices of units sold less | ||
| These in units redeemed | 6,121 | (3,926) |
| —— | —— | |
| Net Income / (loss) | (28,575) | (1,918) |
The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.
Cash Dividend:
Cash dividend for the year June 30, 2011 Rs. 1.0173 per certificate i.e. 10.17%
The financial results are as follows:
|
June 30, 2011 |
June 30, 2010 |
|
|
(Rupees in ‘000) |
||
| Income | ||
| Net (Loss) from sale of marketable securities | (17,329) | (9,329) |
| Profit on term finance certificates and sukuks | 95,516 | 116,970 |
| Profit on deposit with banks | 35,047 | 23,577 |
| Profit on placements with financial institution | 2,104 | 39 |
| Profit on government securities | 12,244 | 1,621 |
| ——- | ——- | |
| 127,582 | 132,878 | |
| Unrealised gain / (loss) in fair value of marketable | ||
| Securities “at fair value through profit or loss” | 4,050 | (1,702) |
| ——- | ——- | |
| Total income | 131,632 | 131,176 |
| Expenses | ||
| Remuneration to Pak Oman Asset Management Company Limited – | ||
| Management Company of the Fund | 13,386 | 13,478 |
| Remuneration to Central Depository Company of Pakistan Limited – | ||
| Trustee of the Fund | 1,332 | 1,338 |
| Securities and Exchange Commission of Pakistan – annual fee | 803 | 809 |
| Auditors’ remuneration | 547 | 466 |
| Fees and subscription | 277 | 175 |
| Amortisation of preliminary expenses and floatation cost | 1,624 | 1,624 |
| Transaction cost | 102 | 210 |
| Bank and settlement charges | 189 | 264 |
| Provision on investment | – | 4,193 |
| Other expenses | 2,239 | 4,347 |
| ——- | ——- | |
| Total expenses | 20,499 | 26,904 |
| ——- | ——- | |
| Net Income | 111,133 | 104,272 |
The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAIIF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.
Dividend – Nil
The financial results are as follows:
|
2011 |
2010 |
|
|
(Rupees in ‘000) |
||
| Income | ||
| Profit on deposit accounts with banks | 15,721 | 13,853 |
| Profit on placements with financial institutions | 7,160 | 4,392 |
| Profit on sukuk certificates | 9,807 | 6,833 |
| Gain / (loss) on sale on investments | 345 | (12,141) |
| Other income | – | 90 |
| —— | —— | |
| 33,033 | 13,027 | |
| Unrealised gain in investments ‘ at fair value through profit or loss’ – upon initial recognition | 236 | – |
| Reversal of provision on an investment | – | 5,850 |
| —— | —— | |
| 236 | 5,850 | |
| —— | —— | |
| Total Income | 33,269 | 18,877 |
| Expenses | ||
| Remuneration to Pak Oman Asset Management Company Limited – | ||
| Management Company of the End | 5,585 | 4,398 |
| Remuneration to Central Depository Company of Pakistan Limited – | ||
| Trustee of the Fund | 663 | 700 |
| Securities and Exchange Commission of Pakistan – annual fee | ||
| Auditor’ remuneration | 209 | 165 |
| Fees and subscription | 505 | 475 |
| Amortisation of preliminary expenses and floatation cost | ||
| Workers’ Welfare fund – Current year | 180 | 150 |
| Prior Period | 635 | 182 |
| Brokerage | – | 415 |
| Bank and settlement charges | 102 | 36 |
| Total expenses | 55 | 170 |
| —— | —— | |
| 8,414 | 7,691 | |
| Element of gain/ (loss) included in prices of units | ||
| sold less those in units Redeemed | 6,918 | (2,091) |
| —— | —— | |
| Net Income / Total comprehensive Income | 31,773 | 9,095 |
The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAAF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.
Dividend – Nil
The financial results are as follows:
|
2011 |
2010 |
||
|
(Rupees in ‘000) |
|||
| Income | |||
| Profit on deposit accounts with banks | 3,141 | 4,330 | |
| Profit on placements | – | 723 | |
| Profit on sukuk certificates | 4,896 | 4,948 | |
| Gain / (loss) on sale on investments | 26,398 | 10,019 | |
| Dividend Income | 4,471 | 2,043 | |
| Other income | – | 20 | |
| —— | —— | ||
| 38,906 | 22,083 | ||
| Unrealised loss on investments | (9,797) | (3,708) | |
| Reversal for accrued profit on an investment | – | (1,548) | |
| Reversal of provision on an investment | 5,000 | 2,925 | |
| Provision against a non-performing debt security | – | (5,000) | |
| —— | —— | ||
| (4,797) | (7,331) | ||
| —— | —— | ||
| Total Income | 34,109 | 14,752 | |
| Expenses | |||
| Remuneration to Pak Oman Asset Management Company Limited – | |||
| Management Company of the End | 3,843 | 3,869 | |
| Remuneration to Central Depository Company of Pakistan Limited – | |||
| Trustee of the Fund | 700 | 700 | |
| Securities and Exchange Commission of Pakistan – annual fee | 115 | 115 | |
| Auditor’ remuneration | 535 | 475 | |
| Fees and subscription | 130 | 30 | |
| Amortisation of preliminary expenses and floatation cost | 290 | 290 | |
| Workers’ Welfare fund – Current year | 482 | 47 | |
| Prior Period | – | 299 | |
| Brokerage | 2,225 | 2,330 | |
| Bank and settlement and other charges | 645 | 730 | |
| —— | —— | ||
| Total expenses | 8,765 | 8,685 | |
| Element of loss included in prices of units sold less those in units | |||
| Redeemed | (1,248) | (3,728) | |
| —— | —— | ||
| Net Income / Total comprehensive Income | 24,098 | 2,341 | |
We refer to letter ref. # POAF/12/0011 dated August 23, 2011 regarding the POAF announcement of cash dividend @ Rs. 1.0173 per certificates. Please note that the book closure dates for the entitlement of dividend for the certificate holders of POAF, is form Saturday, September 17, 2011 to Friday, September 23, 2011; both days inclusive. The above entitlement will be paid to the certificate holders whose names will appear in the Register of Members on September 16, 2011.
For more information, contact:
Najam Ul Hassan
Company Secretary
Pak Oman Asset Management Company Limited
1st Floor, Tower A,
Finance and Trade Center,
Shahrah-e-Faisal,
Karachi.
Tel: 92-21-35631020-4
Fax: 92-21-35631025
Email: info@pakomanfunds.com
Web: www.pakomanfunds.com