NIT posts significant growth in earnings

 KARACHI: The National Investment Trust Limited has announced significant growth in profits of all its funds for the nine months ended on March 31, said a statement issued here on Monday.

The NI(U)T Fund earned a net income of Rs2,550 million during the period under review, as compared to a loss of Rs13,529 million earned during the corresponding period last year, translating into a per unit earning of Rs2.43.

During the period, the Net Asset Value of NI(U)T units increased from Rs23.89 as on June 30, 2009 to Rs31.46, it said. Referring to the results, companyís Chairman Tariq Iqbal Khan said that the NI(U)T Fund earned a cash dividend of Rs1,280 million as against Rs1,410 million during the corresponding period last year, reflecting a decline of 9 per cent, which is primarily due to lower than expected payouts, as well as change in the pattern of dividend by some of the blue-chip companies.

The NIT Equity Market Opportunity Fund, since September 14, 2009 till March 31, this year, earned a net profit of Rs348 million, resulting into a basic per unit earning of Rs6.18. During the period under review, the fund earned a dividend income of Rs212 million.

The companyís State Enterprise Fund earned a net profit of Rs3,990 million during the period under review, translating into basic per unit earning of Rs16.98. During this period, it earned a dividend income of Rs829 million and the capital gains realised by the fund stood at Rs860 million.

Since its inception on November 18, 2009 till March 31, 2010, NIT Government Bond Fund earned a healthy annualised return of 11.51 per cent for its unit holders against the benchmark rate of 10.43 per cent. The fund earned a net income of Rs152.18 million, turning into an earnings per unit of Re0.40.

After launching NIT GBF, the first fund offered by the trust in the fixed income category, it successfully launched another fund, NIT Income Fund on February 19, with subscriptions crossing Rs3.7 billion. Since its inception, till March 31, NIT IF earned an annualised return of 10.57 per cent for its unit holders and earned a net income of around Rs35.5 million, translating into an earning per unit of Re0.12.

Tariq said that NI(U)T, LOC Holdersí Fund was settled and the portfolio of securities worth over Rs23 billion were transferred to the respective unit holders and the remaining portfolio worth around Rs4.6 billion, representing strategic holdings, is expected to be settled shortly.

Source The News