KARACHI: National Investment Trust (NIT) has earned a net profit of Rs 149 million and Rs 142 million in respect of LOC-Fund and Non-LOC Fund, this was stated by Chairman and MD – NIT in a press release issued on October 20, 2008.
The Board of Directors of National Investment Trust Ltd approved the accounts for the first quarter ended on September 30 2008.
The statement said that the profits translate into an earning per unit of Rs 0.20 for LOC Fund and Rs 0.15 for Non-LOC Fund respectively for the quarter ended on 30th September.
Net Asset Value of NIT unit for LOC Fund declined by 28.2 percent from Rs 45.73 as on June 30, 2008 (Ex-Dividend) to Rs 32.85 as on 30.09.08 and Net Asset Value of NIT Unit for Non-LOC Fund declined by 27.3 percent from Rs 46.38 (Ex-Dividend) to Rs 33.72. During the same period KSE-100 index dropped by 25.3 percent. Thus the NIT – LOC Fund underperformed by 2.9 percent and Non-LOC Fund underperformed by 2.0 percent to their benchmark of KSE-100 Index.
The reason for this under performance is extra-ordinary circumstances in which certain sectors have not performed primarily Oil & Gas and banking sector. NIT could not book significant capital gains as in such circumstances NIT traditionally refrain from sale of portfolio in the market rather NIT made an investment to the tune of Rs 1.3 billion besides investments made on behalf of NIT – Equity Market Opportunity Fund. Referring to the results of 1st quarter 2008 the Chairman said that NIT has earned a dividend income of Rs 184 million for LOC fund & Rs 237 million for Non-LOC fund during the 1st quarter under review.
Source: Daily Times, 21/10/2008