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| Wednesday, 14 July 2004 |
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Comtrust records 44.4% growth Comtrust Equity Fund, a balanced fund managed by Commercial Fund Management (Pvt) Ltd., was set up in 1992 to provide a regular return to the unit holders along with capital appreciation. Keeping in line with its objective, the Fund has been regularly distributing a dividend to the unit holders and it distributed a dividend of Cts. 30 per unit in March 2004 bringing the total dividend distributed since its inception to Rs. 7.30 per unit. During the financial year ended March 31, 2004 the Net Asset Value per unit of the Fund appreciated by 44.4%. The Fund was able to capitalise on the favourable market environment in the Colombo bourse during the period under review to realise a capital gain of Rs.135.2 million as against Rs. 12.7 million recorded in the previous year. The total return of the Fund, including unrealised capital appreciation, improved from Rs. 66.2 million during the financial year 2002/03 to Rs.182.3 during the financial year 2003/04. The funds under management, after the distribution of dividend improved from Rs. 374.2 million to Rs. 477.3 million during the period under review. The equity portfolio of Comtrust Equity Fund comprises shares in many fundamentally strong companies and a recovery in the stock market could enhance unit holder value significantly in the medium-term. Commercial Bank of Ceylon Ltd., Australind Ltd and Singer (Sri Lanka) Ltd are the shareholders of Commercial Fund Management (Pvt) Ltd." |
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