KARACHI, July 3: The Pakistan Income Fund (PIF) and Pakistan Stock Market Fund (PSM) — the two unit trust schemes launched by Arif Habib Investments in March this year, announced distribution of profits in the form of bonus units for unit holders on their books on June 30, 2002, the company said in a press statement.

The profit distribution covers an accounting period from March 1 to June 30 whereas the units trusts actually started investing as of March 12, after the closer of initial offer period on March 11.

PIF had declared profit of Rs10.68 million for the period and a bonus issue of 3.50 units for every 100 units held, which translated into an annualised distribution of 11.66 per cent.

PSM declared profit of Rs9.22 million and bonus of 2.75 units for every 100 units held, reflecting annualised return of 8.94 per cent.

The management company said that it had been able to declare results in board meeting on July 1, just a day after the close of FY02. “The dealing in units continues uninterrupted, and it has not announced any book closure despite industry practice to do so,” the company said.