Karachi: The Mahaana Islamic Index Exchange Traded Fund (ETF) has announced its unaudited financial results for the quarter ending September 30, 2026, revealing a notable downturn in net income compared to the same period last year. The report was issued following the Board of Directors meeting on November 3, 2026.
For the quarter under review, the ETF recorded a total income of negative 100.99 million rupees, a stark contrast to the positive 139.11 million rupees reported in September 2025. This major shift was primarily influenced by an unrealized loss on investments amounting to 116.34 million rupees, compared to an unrealized gain of 130.24 million rupees in the same quarter of the previous year.
According to information available from the Pakistan Stock Exchange (PSX), the ETF also registered a realized loss on the sale of investments amounting to 5.37 million rupees, diverging sharply from the realized gain of 4.58 million rupees last year. Despite these losses, the fund saw an increase in profit from savings accounts, which rose to 2.78 million rupees from 247,981 rupees, and dividend income, which increased to 17.95 million rupees from 4.04 million rupees, indicating a big move in these areas.
Expenses for the quarter grew significantly, totaling 7.00 million rupees, up from 1.62 million rupees in September 2025. The rise in expenses was largely due to increased remuneration of the management company, Mahaana Wealth Limited, and associated taxes, along with a notable charity expense of 1.38 million rupees, up from 174,841 rupees.
The net income from operating activities was reported at a negative 107.99 million rupees, a substantial decrease from the positive 137.49 million rupees recorded in the corresponding period last year. After accounting for an element of income and capital gains adjustments, the net income before taxation stood at a negative 140.38 million rupees, compared to a positive 153.66 million rupees in September 2025.
The fund reported no taxation, resulting in a net income after taxation of negative 140.38 million rupees for the quarter. The accounting income available for distribution was also negative, with a significant portion relating to capital losses.
The ETF's financial performance in this quarter underscores the volatility in investment returns, particularly in the unrealized gains and losses on investments, which have markedly impacted the overall income and, consequently, the earnings per unit for the period.