04 February 2005	Friday	24 Zilhaj 1425

KARACHI, Feb 3: The Net Asset Value (NAV) of National Investment Trust Limited (NIT) unit appreciated by 25.22pc from Rs30.53 as on June 30, 2004 (ex- dividend) to Rs38.23 as on December 31, 2004.

In a press release issued on Thursday, following the meeting of the Board of Directors at which the accounts for the half year ended December 31, 2004 were approved, the chairman & MD, Mr Tariq Iqbal Khan observed that NIT had outperformed benchmark of KSE-100 index by 7.4pc that appreciated by 17.78pc during the same period.

NIT earned substantial capital gains of Rs705 million during the period under review. The chairman stated that the ongoing strategy of the Fund to gradually switch from no/low yield stocks to those where the yield is attractive had started producing good results besides improving the quality of Fund's portfolio.

That, he said, was evident from 24.9pc growth in dividend income which stood at Rs1.78 billion as on December 31, 2004 as compared to Rs1.43 billion in the corresponding period of last year.

The income from capital gains and dividend amounted to Rs2.49 billion for the first half ended December 31, 2004 as compared to Rs2.50 billion in the corresponding period of last year.

The net income earned by the Fund prior to factoring in the effect of unrealized gains, stood at Rs2.1 billion that translates into an earning of Rs1.40/unit for the period ended December 31, 2004.

The sale of NIT units stood at Rs2 billion (including CIPs) as against redemption of Rs4.8 billion. The chairman observed that all re demptions were met, which helped to enhance the confidence of unit holders/ investors.

The net assets of the Fund increased to Rs58.7 billion as on December 31, 2004 over the amount of Rs49.5 billon as on July 1, 2004 depicting a growth of 18.7pc, the NIT press release stated.