April 27, 2008	Sunday	Rabi-us-Sani 20, 1429

KARACHI, April 26 The net asset value (NAV) of National Investment Trust (NIT) grew by 13.19 per cent to Rs63.59per unit from Rs56.18 (ex-dividend) during the nine months ended on March 31, 2008.

The Fund has once again outperformed the KSE 100-share Index by 3.37 per cent which increased by 9.82 during the period under review, said an NIT spokesman after the board of directors approved the results here on Saturday.

Muhammad Nawaz Tishna, the new chairman/MD of NIT, presided over the meeting in absence of Tariq Iqbal Khan who proceeded on a three-month medical leave early this week.

The net income earned by the Fund during the nine months ended on March 31, 2008 stood at Rs3.37 billion which translated into earning per unit of Rs2.04.

The net income of Rs4.57 billion during the corresponding period of last year included a capital gain of Rs2.245 billion earned by the Fund from block deals.

Thus, the net income of the Fund during the period under review in comparison with net income excluding capital gains realised from block deals during the corresponding period of last year increased by 45 per cent.

During the nine months, NIT earned the dividend income of Rs2.96 billion against the dividend income of Rs2.41 billion earned during the nine months ended March 31, March 2007, indicating a strong growth of 22.90 per cent.

The NIT chairman said that capital gains realised during the period under review stood at Rs607 million against Rs2,674 million in the corresponding period of last year.

However, the capital gains realised in the corresponding period of previous year included a gain of Rs2,245 million earned by the Fund on account of block deals. Capital gains realised during the period increased by 41.5 per cent.

The sale of NIT units (including CIP) during the period under review stood at Rs17.07 billion against Rs7.62 billion the same period last year, depicting a huge increase of 123.94 per cent.

NIT units worth Rs15.857 billion including units worth Rs4.803 billion being 10 per cent of the units held under Letter of Comfort (LOC) issued by the Government of Pakistan were redeemed.

The net assets under management had increased from Rs90.93 billion as on June 30, 2007 to Rs104.94 billion as of March 31, 2008 reflecting an growth of 15.41 per cent.—APP