Karachi: MCB Investment Management Limited announced its financial outcomes for the Pakistan Income Fund for the fiscal year ending June 30, 2024. The company reported a net income after taxation of 447.24 million Rupees, a slight decrease from the previous year's 484.55 million Rupees.

The income for the Pakistan Income Fund was sourced primarily from government securities, term finance certificates, and savings account profits with banks, totaling an income of 497.67 million Rupees for 2024, compared to 529.32 million Rupees in 2023. Government securities alone contributed 316.79 million Rupees, while income from term finance certificates and savings accounts amounted to 105.31 million and 66.37 million Rupees, respectively.

According to information available from the Pakistan Stock Exchange (PSX), the fund experienced a net realised loss on investments of 0.64 million Rupees, improved from a higher loss of 6.55 million Rupees in the previous year. Additionally, net unrealised appreciation on investments was reported at 2.63 million Rupees, a recovery from a diminution of 23.24 million Rupees in 2023.

On the expenditure side, the total expenses incurred by the fund amounted to 50.43 million Rupees. The management company’s remuneration was the largest expense at 23.96 million Rupees. Other significant expenses included selling and marketing expenses of 12.78 million Rupees and remuneration of the Central Depository Company of Pakistan Limited, acting as the Trustee, which totaled 1.72 million Rupees.

The net income available for distribution, excluding capital gains, stood at 281.52 million Rupees. This represents a slight decrease from 290.30 million Rupees in the previous year. Income already paid on units redeemed during the year was 165.72 million Rupees, compared to 194.25 million Rupees in 2023.

The board approved these results during their meeting on September 25, 2024, in Karachi, reflecting a year of solid financial performance amid fluctuating market conditions. The fund continues to focus on maintaining a diversified portfolio to manage risks and capitalize on market opportunities effectively.