Karachi: JS Investments Limited, the management company for the JS Momentum Factor - Exchange Traded Fund, has announced its financial results for the fiscal year ending June 30, 2024. In a notable reversal from the previous year, the fund has posted a significant net income after taxation.

According to information available from the Pakistan Stock Exchange (PSX), the meeting held in Karachi on August 20, 2024, saw the board approve the year’s results. For the period ending June 30, 2024, the fund recorded a net income of 122.63 million rupees, a stark contrast to the net loss of 9.96 million rupees in 2023.

The breakdown of this year's earnings includes a profit of 814,370 rupees from savings accounts and dividend income of 5.10 million rupees. Other income was reported at 2.07 million rupees. The fund also realized a net gain of 47.78 million rupees from the sale of investments, coupled with a net unrealized appreciation on remeasurement of investments amounting to 9.76 million rupees. Total income for the year reached 65.52 million rupees.

Expenses for the year included remuneration to the management company at 69,635 rupees, with Sindh Sales Tax adding an additional 9,053 rupees. Trustee fees, SEC fees, and other regulatory and operational costs were also detailed, with total expenses amounting to 3.38 million rupees.

The net income from operating activities for the year stood at 62.14 million rupees, with the element of income and capital gains included in the price of units issued less those redeemed totaling 60.49 million rupees. This performance represents a substantial recovery from the previous fiscal year’s operations.