Atlas Asset Management Limited’s financial results of Atlas Income Fund for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of Atlas Asset Management Limited (AAML), the Management Company of Atlas Income Fund (AIF), in their meeting held on Tuesday, September 20, 2011 at 2.30 p.m. at Ground Floor, Federation House, Shahrae Firdousi, Clifton. Karachi announced the following results of AIF for the year ended June 30, 2011:

 

1) Cash dividend Rs. Nil
2) Bonus issue Nil
3) Right issue Nil

 

 

The financial results of AIF are as follows:

 

 2011 2010
Rupees Rupees
Income
Interest income 125,037,950 226,619,348
Net loss on investments designated at fair value
through income statement
Net gain on sale of investments 11,234 633,300
Net unrealized loss on revaluation of investments (42,247,071) (21,265,196)
  ———–  ———–
(42,235,837) (20,631,896)
Other income 4,636,614
Element of loss and capital loss included in prices of

units issued less those in units redeemed – net

 (801,103)  (10,505, 130)
———– ———–
82,001,010 200,118,936
Expenses
Remuneration of the management company 13,642,522 26,894,486
Remuneration of the trustee 1,800,370 2,805,775
SECP annual fee 745,307 1,354,338
Annual rating fee 200,000 200,000
Annual listing fee 40,000 40,000
Securities transaction cost 217,543 193,036
Auditors remuneration 650,000 686,750
Printing charges 117,000 154,778
Legal and professional charges 70,000 68,750
Bank charges 58,463 174,198
Provision for Workers Welfare Fund 1,289,196 6,429,225
 ———– ———–
18,830,401 39,001,336
 ———–  ———–
Net income for the year 63,170,609 161,117,600

 

 

It may be mentioned that the annual distribution for the year ended June 30, 2011 has already been approved by the Board in their meeting held on July 7, 2011, intimated to your office under cover our letter no. AAML/11-12/Co. Sec. /59/46 dated July 7, 2011.

Financial Results of Atlas Fund of Funds for the Year Ended June 30, 2011

We have to inform you that the Board of Directors of Atlas Asset Management Limited (AAML), the Management Company of Atlas Fund of Funds (ATFF), in their meeting held on Tuesday, September 20, 2011 at 2.30 p.m. at Ground Floor, Federation House, Shahrae Firdousi, Clifton., Karachi announced the following results of ATFF for the year ended June 30, 2011:

1) Cash dividend

A final Cash Dividend for the year ended June 30, 2011 at Rs- 1.50 per certificate on the face value of Rs. 10 each, i.e. 15%

2) Bonus issue       Nil

3) Right issue       Nil

 

The financial results of ATFF are as follows:

 

2011

2010

Rupees

Rupees

Income
Dividend income  38,110,040 12,944,078
interest income 5,483,273 3,165,534
Net gain on investments at fair value through income statement (held-for-trading)
Net gain on sale of investments 27,366,613 5,847,839
Net unrealised gain on revaluation of investments 66,914,122 55,001,874
———– ———–
 94,280,735 60,849,713
Net gain on sale of available -for- sale investments 9,508,986 794,296
 ———–  ———–
147,383,034  77,753,621
Expenses
Remuneration of the management company  6,960,130 8,339,688
Remuneration of the trustee 740,439  635,954
SECP annual fee 389,781 323,606
Annual rating Fee 100,000 100,000
Annual listing fee  127,083 75,000
Securities transaction cost 775,415  268,384
Auditor remuneration  240,000 242,098
Printing charges 383,500  358,163
CDC charges   67,500  67,500
Bank charges 6,615 6,225
Provision for Workers Welfare Fund 12,542,851 1,346,740
 ———– ———–
12,542,314 11,763,358
 ———– ———–
Net income for the year 134,840,720 65,990,263
 ———–  ———–
Earnings per certificate – basic and diluted  2.79 1.30
  ———–  ———–
Final Distribution – cash dividend @ Rs. 1.50 (2010: Re. 0.22) per certificate 66,958,737 10,700,615

 

The certificate transfer register of Atlas Fund of Funds will be closed from October 12, 2011 to October 19, 2011 (both days inclusive). Transfers received at Atlas Asset Management Limited, Ground Floor, Federation House, Shahrae Firdousi, Clifton, Karachi 75600 at the close of business on October 11, 2011 will be treated in time for the purpose fir the above entitlement to the transferees.

For more information, contact:
Lilly Dossabhoy
Company Secretary
Atlas Asset Management Limited
Ground Floor, Federation House,
Shahrah-e-Firdousi,
Clifton, Karachi -75600, Pakistan
Ph: (92-21) 35379501-04
Fax: (92-21) 35379280
Website: www.atlasfunds.com.pk

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