NIT announces results

NI(U)T Fund turns around, earns Rs2.8 billion.

KARACHI: National Investment Trust (NIT) – the only public sector asset management company in the country – has declared results for all funds under its management for the half year ended December 2013. NIT manages five funds worth Rs87 billion.

The NI(U)T Fund earned a net income of Rs2.80 billion in the first half of fiscal year 2013-14 against a loss of Rs964 million in the corresponding period of previous year.

In a press release, NIT’s Acting MD Manzoor Ahmed said the NI(U)T Fund realised capital gains of Rs1.45 billion in the first half against Rs897 million in 1HFY13, depicting a growth of 62%.

NIT-State Enterprise Fund registered a growth of 214% in net income, which stood at Rs2.60 billion in the first half compared to Rs829 million in the same period last year.

The fund realised capital gains of Rs2.64 billion against Rs1.44 billion in 1HFY13, showing a growth of 83%.

NIT-Equity Market Opportunity Fund earned a net income of Rs507.1 million compared to Rs561.7 million in the corresponding period last year. During 1HFY14, the fund realised capital gains of Rs416 million compared to Rs414 million last year.

NIT-Government Bond Fund recorded a net income of Rs148 million in the first half compared to Rs197 million in the same period last year.

Net asset value of the fund rose from Rs10.0833 (ex-dividend) to Rs10.4132, yielding an annualised return of 6.49%.

NIT-Income Fund posted a net income of Rs125 million against Rs177 million in the corresponding period last year.

Published in The Express Tribune, February 14^th, 2014.

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