Financial results of Pakistan Income Fund for period ended March 31, 2016

Karachi: Pakistan Income Fund informed Pakistan Stock Exchange about recommendations made by the board of directors in the meeting held at Karachi on April 18, 2016.

The agenda of the meeting was discussion of profit and loss account for nine months and quarter ended March 31, 2016 which portrayed a profit of Rs. 59,470 for nine months and Rs. 17,783 for quarter.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

Pakistan Income Fund (PIF) is an open end fund, which invests in corporate securities, Government securities; money market placements, TDRs and short maturity reverse repurchase transactions. PIF is a long only fund and cannot undertake leveraged investments. Under the Regulation number 58(1)(k) of NBFC and NE regulations 2008, it is only allowed to borrow up to 15% of net assets for up to 90 days to meet redemption needs.

The symbol “OEFPIF” is being used by the stock exchange for the Pakistan Income Fund.