In the period of nine months: NI(U)T profit registers 74 percent phenomenal growth

NI(U)T has registered a phenomenal growth of 74 percent in its net profit, which increased to Rs 3,343 million in the nine months' period ended on March 31, 2011. The NIT-EMOF and NIT-SEF earned net profit of Rs 345 million, and Rs 2,959 million, and NIT GBF and NIT IF earned a net income of Rs 214.9 million and Rs 155.4 million respectively, said NIT Chairman and MD Wazir Ali Khoja while announcing the results of all Funds under management for the nine months of FY11.
NI(U)T Fund During the first nine month period of FY11, NI(U)T has registered a phenomenal growth of 74 percent in net profit (excluding unrealised figures), which increased to Rs 3,343 million (earning per unit of Rs 2.85) from Rs 1,922 million in the same period of FY10 (earning per unit of Rs 1.84).
During the nine month of FY11, the Fund's NAV increased by 21.91 percent from Rs 25.92 (Ex-Dividend) as on 30.06.10 to Rs 31.60 as on 31.3.11 against an increase of 21.47 percent in the benchmark KSE-100 Index thereby outperforming its benchmark. The Chairman said that in addition to the realisation of capital gain of Rs 548 million during the period under review, the Fund earned a dividend income of Rs 1,571 million, up 23 percent, as compared to Rs 1,280 million in the corresponding period of last year.
Furthermore, during the nine months of FY11, NI(U)T's gross sale (including CIPs) grew significantly at 70 percent to Rs 5,903 million. For the period of nine months of FY11, units worth Rs 3,556 million were redeemed. For the first time in at least ten years NIUT met redemptions from own cash resources ie without recourse to borrowing.
During the period under review, 4,909 new accounts were opened, against 3,040 accounts opened in the corresponding period of last year showing a growth of around 61 percent. With the opening of 4,909 new accounts, the total number of unit holders of NIT at the end of March 31, 2011 stood at 58,728. This shows the growing confidence of investors in NIT, he added.
NIT-State Enterprise Fund (NIT-SEF) Referring to the result of NIT-SEF, the Chairman said that during the first nine months of FY11, the Fund earned a net profit of Rs 2,959 million translating into an earning per unit of Rs 10.21. During the period under review, the Fund earned a dividend income of Rs 1,034 million as against the dividend income of Rs 829 million earned in the same period of FY10, a growth of 25 percent, whereas capital gains realised by the Fund during the period stood at Rs 851 million against capital gains of Rs 860 million realized in nine months of FY10.
During the nine months' period, the NAV of the Fund increased by 13.32 percent, from Rs 83.41 (Ex-Dividend) to Rs 94.52, whereas since inception, the NAV of the fund increased by 139 percent as compared to the increase of 95 percent in the benchmark KSE-100 index, thereby outperforming the benchmark by a healthy margin of 45 percent.
NIT - Equity Market Opportunity Fund (NIT EMOF) While presenting the financials results of NIT - EMOF, the Chairman said that the Fund outperformed its benchmark by a good margin of 3.67 percent during the nine months' period in FY11 as the NAV of the fund increased by 25.14 percent against its benchmark return of 21.47 percent.
During the period under review, the Fund has earned a net profit of Rs 345 million, translating into an earning per unit of Rs 7.36 against the earning per unit of Rs 6.18 during the same period last year. During this period, the Fund earned a dividend income of Rs 253 million against dividend income of Rs 212 million in the same period of last year, a growth of 19 percent on year-on-year basis, whereas the Fund also realised capital gains of Rs 147 million against Rs 91 million realised in the same period of last year, depicting a healthy growth of 62 percent on year-on-year basis.
NIT Government Bond Fund (NIT GBF) During the first nine months of FY11, NIT GBF earned a net income of Rs 214.9 million which translated into an earning per unit of Rs 0.72. The NAV of NIT GBF increased from Rs 9.9980 (Ex-Dividend) as of June 30, 2010 to Rs 10.8185 as on March 31, 2011, thus yielding an annualised return of 11.08 percent, whereas during the third quarter of FY11, NIT GBF earned an annualised return of 12.03 percent for its unit holders against the benchmark return of 11.59 percent. Thus, during the third quarter of FY11, NIT GBF outperformed its benchmark by a healthy margin of 44 bps.
NIT Income Fund (NIT IF) During the period of nine months FY11, NIT IF earned a net income of Rs 155.4 million, translating into an earning per unit of Re. 0.7955. The NAV of NIT IF increased from Rs 9.9938 (Ex-Dividend) as on June 30, 2010 to Rs 10.8817 as on March 31, 2011, thus yielding an annualised return of 12.01 percent, whereas, in the third quarter of FY11, NIT IF earned an annualised return of 13.03 percent for its unit holders.-PR