April 20, 2006	Thursday	Rabi-ul-Awwal 21, 1427

KARACHI, April 19: National Investment Trust Limited (NIT) reported an increase of Rs21 billion in net assets under its management in the nine months period (July-March 2005-06).

A press release of NIT said that following the approval of its three-quarter results by the board on Wednesday, it was noted that funds under the management of NIT had climbed to Rs82.51 billion as on March 31, 2006, from Rs61.0 billion nine months ago on June 30, 2005, reflecting a growth of 35.26 per cent.

Tariq Iqbal Khan, Chairman and MD of NIT, observed that the net asset value (NAV) of NIT had shown an increase of 48.32 per cent from Rs38.12 as on June 30, 2005 (ex-dividend) to Rs56.54 as on March 31, 2006.

During the three quarters under review, NIT earned a net income of Rs8.22 billion as compared to Rs4.35 billion earned in the corresponding period of the previous year, showing a growth of 89.13 per cent.

The net income translated into earning per unit of Rs5.64, which amounted to nearly twice the earning per unit of Rs2.93 made in the same period last year.

“It may be mentioned that the earning per unit of the fund for the full year of 2004-05 was Rs3.55,” the NIT chairman pointed out.

The fund realized capital gains of Rs5.13 billion from the sale of its shareholding in National Refinery Limited through the Privatisation Commission. The NIT statement attributed “unprecedented growth” in net income of the fund to overall capital gains realized during the period, which stood at an all-time high level of Rs6.50 billion as compared to Rs2.44 billion of capital gains realized during the comparable three-quarters last year.