20000216

Al-Meezan Mutual Fund

earns record profit

of Rs 53.141m

RECORDER REPORT

KARACHI: Al-Meezan Mutual Fund Ltd. has earned a record profit of Rs 53.141 million for the six months ended December 31, 1999.

Al- Meezan Investment and Financial Services Ltd. Ñ a joint venture between Pakistan Kuwait Investment Company, Jardine Fleming Investment Management and National Investment Trust Ñ announced the interim results of the company.

According to the financial results, the Fund recorded an earnings per share (EPS) of Rs 2.13, which reflects an improvement of 169 percent over the last year. The net asset value (NAV) of the Fund improved by 40.22 percent to Rs 11.26 per share compared with the corresponding date last year.

Al-Meezan Mutual Fund Ltd., has continued its outstanding performance in January 2000. The NAV has further improved to Rs 13.64 per share, which reflects an appreciation of 21.14 percent in just one month.

The company has substantial investment in fuel and energy sector (35 percent), chemicals and pharmaceuticals (18 percent) and telecommunications (11 percent) said Mohammad Shoiab, chief executive of the company.

He further added that to keep the investors up to date on the performance of the Fund, the company announces its NAV on a monthly basis and has now decided to announce its portfolios on a quarterly basis.