KARACHI, Feb 15: PICIC Asset Management Company Ltd. - the investment adviser to the PICIC Investment Fund (PIF) and PICIC Growth Fund (PGF) -- has announced interim cash dividends amounting to a huge Rs426 million and 31.5 million bonus certificates for certificate-holders in PICIC series of its closed end mutual funds.

In a press release issued here on Tuesday, the company said that the Board of Directors of PICIC Asset Management Company Ltd had approved accounts of PICIC Investment Fund (formerly ICP Mutual Funds Lot 'B') and PICIC Growth Fund (formerly ICP State Enterprises Mutual Fund-SEMF) and PICIC Asset Management Company Limited for the half year ended December 31, 2004.

The interim cash pay out for PIF was announced at Rs1.5 per certificate and for PGF interim bonus certificates @ 25% i.e. 25 certificates for every 100 certificates were declared.

Total turnover and portfolio of PIF and PGF for the half year under review amounted to Rs35 billion compared to Rs31 billion recorded for the whole of last year. Realized capital gains and dividend income for PIF and PGF amounted to Rs671 million and Rs370 million, respectively.

The company said that with an authorized capital of Rs5,000 million and paid-up capital of Rs3,000 million, PICIC Asset Management Company Ltd. was one of the largest asset management companies in Pakistan. It was wholly owned subsidiary of PICIC.

The immediate future plans of PICIC AMC were stated to include launching a closed end fund by the third quarter of current fiscal and bringing on its platform an open end fund by 2006.

Giving performance details of the two Funds, the company stated that during the half year under review total income (excluding un-realized gain) of PIF had increased to Rs513 million as compared to Rs449 million in the corresponding period last year exhibiting a growth of 14 per cent.

Net income (excluding un-realized gains) for the half year ended December 31, 2004 increased to Rs440 million as compared to Rs392 million reported for the corresponding period last year reflecting a growth of 12 per cent.

That translated into an earning per certificate (without un-realized gain) of Rs1.55 for the half year as compared Rs1.38 per certificate in the corresponding period last year.

The net assets of PICIC Investment Fund (PIF) increased from Rs5,091 million on June 30, 2004 to Rs5,663 million on December 31, 2004 and accordingly the net asset value per certificate increased from Rs17.92 per certificate on June 30, 2004 to Rs19.93 per certificate (excluding dividend pay out) on December 31, 2004.

The PGF recorded total income (excluding un-realized gain) increased at Rs536 million compared to Rs449 million in the same period last year, showing a growth of 19 per cent.

The net income (excluding un-realized gains) for the half year under review increased to Rs459 million as compared to Rs377 million reported for the same time last year, reflecting a growth of 22 per cent.

That translated into an earning per certificate (without un-realized gain) of Rs3.64 for the half year compared to Rs2.99 per certificate in the similar period last year.

Net assets of PGF increased from Rs6,369 million on June 30, 2004 to Rs7,596 million on December 31, 2004 and accordingly the net asset value per certificate increased from Rs50.55 to Rs60.29 per certificate during the above period.