KARACHI, Feb 11: The total return on NIT units during the half year ended on Dec 31, 2007 stood at 7.5 per cent where net asset value of NIT unit increased from Rs56.18 as on June 30, 2007 (ex-dividend) to Rs60.42 per unit on Dec 31, 2007 as against KSE-100 index, which increased by 2.2 per cent during the same period.

Thus NIT gain has outperformed its benchmark of KSE-100 index by a good margin of 5.3 per cent, National Investment Trust Chairman and MD Tariq Iqbal Khan said this on Monday after the board of directors of National Investment Trust Limited approved accounts for half year ended on Dec 31, 2007.

An NIT statement said the net income earned by the fund during half year amounted to Rs2,339m as compared to Rs1,649m in the corresponding period of last year, depicting an impressive growth of 42 per cent.

This net income earned by the fund translates into an earning per unit of Rs1.44 as compared to the earning per unit of Rs1.05 in the same period last year, showing an increase of 37 per cent.

The ongoing strategy of the trust to restructure its portfolio resulted into a growth of 12.5 per cent in dividend income, which increased to Rs1,921 million in half year ending on Dec 31, 2007 from Rs1,707 million during the half year ended on Dec 31, 2006.

Referring to the half year results, the chairman said that the capital gains realised by the Trust depicted a remarkable growth of 50.7pc, which increased to Rs475m during half year, ending on Dec 31, 2007, against Rs315m in the same period of last year.

The net assets under management have increased from Rs90.93 billion as on June 30, 2007 to Rs98.08 billion as on Dec 31, 2007, reflecting an increase of 7.9 per cent despite the fact that units amounting to Rs14,150 million, including units worth Rs4,803m, being 10 per cent of units held under letter of comfort issued by the government were redeemed during the period.

Furthermore, during the half year under review sale of NIT units (including CIP) stood at Rs13.864 billion as compared to Rs5.240 billion in corresponding period of last year.

This volume of sale/purchase of NIT units indicates the growing confidence of investors in the Trust. ---PPI