KARACHI, July 20: Abamco Limited, the asset management company managing Unit Trust of Pakistan (UTP), an open-ended mutual fund in the private sector, on Saturday announced audited results for UTP for the financial year ended June 30, 2002, says a press release.

The audit of the accounts has been finalized and approved by the board of directors of the management company.

UTP posted net profit of Rs133 million for the year to end June 2002, as compared with earnings of Rs87 million during last year. The increase in earnings was due to increase in income from capital gains on sale of marketable securities.

The board has approved cash dividend at 15 per cent i.e. Rs750 per unit. The dividend would absorb Rs124.6 million, which is equal to 93.6 per cent of the year’s net profit. And Rs19.97 million is being carried forward.

The dividend warrants or unit certificates where unit holders have opted for re-investment will be dispatched to the holders before August 20, 2002. The Net Asset Value (NAV) of the units after appropriation of dividend was Rs5,397 on June 30, 2002 as against Rs5,201 on June 30, 2001. If the rate of dividend and appreciation in NAV of units is taken together, the total return on UTP units works to 18 per cent.

During the year under review 65,813 units were sold and 43,748 units were redeemed. Units holders exercised the option by investing the dividend amount into 1,736 units under cumulative investment plan. The net sale was recorded at 22,065 units with a value of Rs134.48 million as against 55,561 units with a value of Rs300.74 million.

A total of 166,122 units with value Rs896.63 million were outstanding at the year-end June 30, as against 144,057 units with a value of Rs749.28 million at the year-end June 30, 2001.

The unit holding pattern indicates a healthy mix of investors. About 23 per cent units in the fund were held by provident/ pension funds and 46 per cent by banks.