The National Investment Trust (NIT) has once again outperformed the KSE-100 Index by a good margin of 3.37 percent where Net Asset Value (NAV) of NIT unit has increased by 13.19 percent from Rs 56.18 as on June 30, 2007 (ex-dividend) to Rs 63.59 as on March 31, 2008 against an increase of 9.82 percent in KSE-100 index during the period under review.
According to a press release issued here on Saturday, the Board of Directors of NIT in its meeting approved the accounts for nine months ended March 31, 2008. The meeting chaired by NIT Chairman/MD Muhammad Nawaz Tishna in absence of Tariq Iqbal Khan, who proceeded on a three-month medical leave early this week.
The net income earned by the Fund during the nine months ended March 31, 2008 stood at Rs 3.37 billion which translates into earning per unit of Rs 2.04.
It may be mentioned here that the net income of Rs 4.57 billion earned by the Fund during the corresponding period last year included a capital gain of Rs 2.245 billion earned by the Fund from block deals.
Thus, the Net Income of the Fund during the nine months under review in comparison with Net Income, excluding capital gains realised from block deals during the corresponding period last year increased by 45 percent.
During the nine months, NIT earned the dividend income of Rs 2.96 billion against the dividend income of Rs 2.41 billion earned during the nine months ended March 31, 2007, indicating a strong growth of 22.90 percent.
Referring to the nine months result, NIT chairman said that capital gains realised during the nine months ended March 31, 2008 stood at Rs 607 million against Rs 2,674 million in the corresponding period last year. However, the capital gains realised in the corresponding period previous year included gain of Rs 2,245 million earned by the Fund on account of block deals.
Capital gains realised in nine months ended March 31, 2008 as compared to capital gains, excluding the gains from block deals in corresponding period last year increased by 41.5 percent.
As against the sale of NIT units (including CIP) worth Rs 7.62 billion registered during the nine months ended March 31, 2007, the sale of NIT units (including CIP) during the nine months ended March 31, 2008 stood at Rs 17.07 billion which depicts a huge increase of 123.94 percent.
During nine months, NIT units worth Rs 15.857 billion, including units worth Rs 4.803 billion being 10 percent of the units held under Letter of Comfort (LoC) issued by Government of Pakistan were redeemed. The Net Assets under management have increased from Rs 90.93 billion as on June 30, 2007 to Rs 104.94 billion as of March 31, 2008 reflecting a impressive growth of 15.41 percent.-PR
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