National Investment Trust (NIT) Limited has announced the results of all funds under its management for the nine-month period ended March 31. The announcement was made by NIT Chairman and MD Wazir Ali Khoja, in a press release issued here on Wednesday. The financial results of all funds under management of NIT are as under.
NI(Unit)T Fund: During the nine month period of FY12, NI(U)T has registered a net profit (excluding unrealised gains) of Rs 4,335 million compared to Rs 3,343 million in the same period of FY11, a growth of 29.7 percent on year-on-year basis.
This net profit of Rs 4,335 million earned in the nine months of FY12 translates into an earning per unit of Rs 3.23 against earning per unit of Rs 2.85 in the same period of FY11.
The Chairman also said that during the nine month period of FY12, the dividend income earned by the Fund grew by 36.7 percent on year-on-year basis and stood at Rs 2,148 million as compared to Rs 1,571 million in the corresponding period last year. The Fund realised capital gains of Rs 891 million in the nine months of FY12 against Rs 548 million in the same period in FY11, a growth of 62.5 percent on year-on-year basis.
During the nine months of FY12, the Fund's NAV increased by 6.65 percent from Rs 28.14 (Ex-Dividend) as on June 30, 2011 to Rs 30.01 as on March 31, 2012 against the benchmark KSE-100 index which increased by 10.13 percent.
NIT-State Enterprise Fund (NIT-SEF): Referring to the results of NIT-SEF, the Chairman said that during nine months of FY12, the Fund earned a net profit of Rs 859 million (without impairment) translating into an earning per unit of Rs 2.89. The fund realised capital gains of Rs 1,058 million and earned a dividend income of Rs 1,119 million in the nine months of FY12 compared to capital gains of Rs 851 million and a dividend income of Rs 1,033 million in the nine months of FY11, a growth of 24.3 percent and 8.28 percent on year-on-year basis respectively.
During the period under review, the NAV of the Fund has increased by eight percent from Rs 84.21 (ex-dividend) on June 30, 2011 to Rs 90.95 on March 31, against an increase of 10.13 percent in the benchmark KSE-100 Index, thus underperforming the benchmark by 2.13 percent. However, since-inception the fund has outperformed its benchmark by 27.2 percent.
The NIT Chairman said that NITL paid Rs 5.375 billion to one of the lenders on March 26, 2011, thereby reducing the government guarantee of principal facility from Rs 20 billion to Rs 12.2 billion.
NIT - Equity Market Opportunity Fund: While presenting the financial results of NIT - Equity Market Opportunity Fund, the Chairman said that NIT EMOF has outperformed its benchmark by a sizeable margin of 7.79 percent during the nine months of FY12 whereas the NAV increased by 17.92 percent against the benchmark KSE-100 increase of 10.13 percent. During the period under review, the Fund's net profit grew by 27.1 percent on year-on-year basis to Rs 558 million (without impairment) against Rs 439 million in the corresponding period last year. The Fund also realised capital gains of Rs 198 million and earned a dividend income of Rs 329 million in the nine months of FY12 compared to capital gains of Rs 147 million and a dividend income of Rs 253 million in the same period in FY11, a growth of 34.5 percent and 30.2 percent on year-on-year basis respectively.
The NIT Chairman further said that 10 percent redemptions of unit holding were offered and Rs 551 million was paid to unit holders during the period. Thus, so far unit holders have been offered 50 percent of their respective unit holding since inception of the Fund.
NIT Government Bond Fund: During the first nine months of FY12, NIT GBF earned a net income of Rs 197 million which translates into earning per unit Re 0.77 against earnings per unit of Re 0.72 in the same period last year.
The NAV of NIT GBF increased from Rs 10.0968 (Ex-Dividend) as on June 30, 2011 to Rs 10.8204 as on March 31, 2012, thus yielding an annualised return of 9.51 percent for its unit holders, whereas the benchmark return stood at 10.74 percent, thus underperforming its benchmark by 123bps.
NIT Income Fund: During the period of nine months FY12, the net income of NIT-IF grew substantially by 18.9 percent on year-on-year basis to Rs 185 million, translating into earning per unit of Re 0.98 from a net income of Rs 155 million in the period of nine months FY11, with earning per unit of Re 0.80. The NAV of NIT-IF increased from Rs 10.1448 (Ex-Dividend) as on June 30, 2011 to Rs 11.1151 as on March 31, 2012, yielding an annualised return of 12.69 percent, against the benchmark return of 12.50 percent, thus outperforming its benchmark by 19bps.-PR
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