Pak Oman Asset Management Company Limited’s announcement advantage asset allocations fund (POAAAF) (Formerly

Karachi: The Board of Directors of Pak Oman Asset Management Company Limited (POAMCL) – the Management Company for POAAAF in it’s meeting held on August 23, 2011 at Musqat Oman, Approved the financial statements for the year ended June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks 5,906 6,715
Profit on government securities, term finance and Sukuk certificates 3,522 3,791
Profit on placements with financial institutions 29
Income from sale of investments 30,968 11,345
Dividend income 5,003 1,911
Other income 11 16
—— ——
45,410 23,809
Unrealised loss on investments ‘at fair value through profit or loss’ (7,525) (1,574)
Provision against accrued profit (1,353)
Provision against non-performing debt securities (4,809) (7,496)
Reversal of provision on an investment 2,875
—— ——
 (9,459) (10,423)
——  ——
Total Income  35,851 13,386
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the Fund  5,290 4,264
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund 700 700
Securities and Exchange Commission of Pakistan – annual fee 166 135
Auditors’ remuneration  485 425
Fees and subscription 130 30
Amortisation of preliminary expenses and floatation cost 335 336
Workers’ Welfare Fund 572 448
Brokerage 5,437 4,689
Bank, Settlement and other charges  380 351
——  ——
Total Expenses 13,497 11,378
Element of gain / (loss) included in prices of units sold less
These in units redeemed 6,121  (3,926)
 ——  ——
Net Income / (loss)  (28,575) (1,918)

 

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Cash Dividend:

Cash dividend for the year June 30, 2011 Rs. 1.0173 per certificate i.e. 10.17%

The financial results are as follows:

 

June 30, 2011

June 30, 2010

(Rupees in ‘000)

Income
Net (Loss) from sale of marketable securities (17,329) (9,329)
Profit on term finance certificates and sukuks  95,516 116,970
Profit on deposit with banks 35,047 23,577
Profit on placements with financial institution  2,104  39
Profit on government securities  12,244 1,621
——- ——-
127,582 132,878
Unrealised gain / (loss) in fair value of marketable
Securities “at fair value through profit or loss”  4,050  (1,702)
 ——- ——-
Total income  131,632 131,176
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the Fund 13,386 13,478
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund 1,332 1,338
Securities and Exchange Commission of Pakistan – annual fee 803 809
Auditors’ remuneration 547 466
Fees and subscription 277 175
Amortisation of preliminary expenses and floatation cost  1,624 1,624
Transaction cost 102 210
Bank and settlement charges 189 264
Provision on investment 4,193
Other expenses 2,239 4,347
——- ——-
Total expenses  20,499 26,904
——-  ——-
Net Income 111,133 104,272

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAIIF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks 15,721 13,853
Profit on placements with financial institutions 7,160 4,392
Profit on sukuk certificates 9,807 6,833
Gain / (loss) on sale on investments 345 (12,141)
Other income  – 90
—— ——
33,033 13,027
Unrealised gain in investments ‘ at fair value through profit or loss’ – upon initial recognition  236  –
Reversal of provision on an investment  – 5,850
 —— ——
    236 5,850
 —— ——
Total Income 33,269 18,877
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the End 5,585 4,398
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund 663 700
Securities and Exchange Commission of Pakistan – annual fee
Auditor’ remuneration 209 165
Fees and subscription 505 475
Amortisation of preliminary expenses and floatation cost
Workers’ Welfare fund – Current year  180 150
Prior Period 635 182
Brokerage  –  415
Bank and settlement charges 102  36
Total expenses 55 170
 ——  ——
8,414 7,691
Element of gain/ (loss) included in prices of units
sold less those in units Redeemed  6,918  (2,091)
——  ——
Net Income / Total comprehensive Income 31,773 9,095

 

 

The Board of Directors of Pak Oman Asset Management Company Limited – the Management Company for POAAF in their meeting held on August 23, 2011 in Muscat – Oman, approved the financial statements of June 30, 2011.

Dividend – Nil

The financial results are as follows:

 

2011

2010

(Rupees in ‘000)

Income
Profit on deposit accounts with banks 3,141 4,330
Profit on placements  – 723
Profit on sukuk certificates 4,896 4,948
Gain / (loss) on sale on investments 26,398 10,019
Dividend Income  4,471 2,043
Other income 20
—— ——
38,906 22,083
Unrealised loss on investments (9,797) (3,708)
Reversal for accrued profit on an investment  – (1,548)
Reversal of provision on an investment 5,000  2,925
Provision against a non-performing debt security (5,000)
—— ——
(4,797) (7,331)
—— ——
Total Income 34,109 14,752
Expenses
Remuneration to Pak Oman Asset Management Company Limited –
Management Company of the End 3,843  3,869
Remuneration to Central Depository Company of Pakistan Limited –
Trustee of the Fund 700 700
Securities and Exchange Commission of Pakistan – annual fee 115 115
Auditor’ remuneration 535 475
Fees and subscription 130 30
Amortisation of preliminary expenses and floatation cost  290 290
Workers’ Welfare fund – Current year 482 47
Prior Period 299
Brokerage 2,225 2,330
Bank and settlement and other charges  645 730
—— ——
Total expenses  8,765 8,685
Element of loss included in prices of units sold less those in units
Redeemed (1,248) (3,728)
—— ——
Net Income / Total comprehensive Income 24,098 2,341

 

We refer to letter ref. # POAF/12/0011 dated August 23, 2011 regarding the POAF announcement of cash dividend @ Rs. 1.0173 per certificates. Please note that the book closure dates for the entitlement of dividend for the certificate holders of POAF, is form Saturday, September 17, 2011 to Friday, September 23, 2011; both days inclusive. The above entitlement will be paid to the certificate holders whose names will appear in the Register of Members on September 16, 2011.

 

For more information, contact:
Najam Ul Hassan
Company Secretary
Pak Oman Asset Management Company Limited
1st Floor, Tower A,
Finance and Trade Center,
Shahrah-e-Faisal,
Karachi.
Tel: 92-21-35631020-4
Fax: 92-21-35631025
Email: info@pakomanfunds.com
Web: www.pakomanfunds.com

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