Karachi: MCB Investment Management Limited, the management company of MCB Cash Management Optimizer, reported a notable decline in its total income for the fiscal year ended June 30, 2024. The financial results, approved at a recent board meeting held at the company’s head office in Karachi, showed a decrease in total income from 10.03 billion rupees in 2023 to 8.56 billion rupees in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the document indicates a significant capital loss on the sale of investments, which was a stark reversal from the gain recorded in the previous year. Specifically, the company posted a capital loss of 116.29 million rupees in 2024, compared to a capital gain of 131.16 million rupees in 2023. Additionally, the profit on term deposits receipts also dropped from 2.68 billion rupees in 2023 to 1.50 billion rupees in 2024.

The expenses outlined in the financial results also reflect adjustments, with total operating expenses amounting to 7.99 billion rupees in 2024, down from 9.43 billion rupees in 2023. This reduction in expenses includes various categories such as remuneration of the management company, securities transaction fees, and bank charges.

The net income from operating activities before taxation also saw a decline, settling at 1.79 billion rupees in 2024, a decrease from the 2.96 billion rupees recorded in 2023. After accounting for taxation, the net income for the year stood at 584.74 million rupees.

The statement also details the allocation of net income, where 584.74 million rupees were available for distribution, including returns to capital gains but excluding capital gains itself.