Ceybank Unit Trust records highest ever capital gain

Ceybank Unit Trust Fund recorded highest ever realised capital gain of Rs. 262 mn during the financial year reaping the benefits of upward rally in the Share Market.

Ceybank Unit Trust Funds continued to maintain its rank as Number One in terms the size in the Unit Trust Industry, commanding over 50 per cent of Market shares as at March 31, 2007, Chairman B. M. Amarasekera said in the Annual Report for March 31, 2007.

The net asset value per unit of your Fund grew 10.44 per cent during the year and increased to Rs. 15.50 from the cum-dividend price of Rs. 14.94 at the beginning of the year. The dividend per unit increased by 25 per cent and the Fund declared a tax-free dividend of Rs. 1.25 for the unitholders as at March 31, 2007 as against Rs. 1.00 per unit paid on March 31, 2006.

The Fund has declared dividends of Rs. 10.90 to the unitholders who remained in the Fund since launch.

“We are pleased to state that your Fund recorded the highest capital gain in history in a given financial year amounting to Rs. 262 million during the year under review.

This enabled the Fund to distribute Rs. 178 million as dividends, 32 per cent higher than the pay out of Rs. 135 million in the previous year.

“Your Fund continuously reaped handsome benefits from the equity investments in the Colombo Bourse in its upward rally as depicted in the chart.

“Your Fund is the largest Fund in the Unit Trust Industry commanding over 55 per cent of the market share in the Balanced Fund category, Amarasekera said.

The gross income of the Fund increased by eight per cent to Rs. 77.3 million from Rs. 71.6 million in the previous year mainly due to the higher interest income on cash equivalents of the Fund consequent to the higher level of interest rates that prevailed during the year.

The expenses grew by 6.9 per cent as a result of higher management and trustee fees due to the growth in total net asset value of the Fund.