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ICP profit up by 48 per cent.

Investment Corporation of Pakistan (ICP) earned a profit of Rs. 27.3 million for the year ended on June 30, 1989, which is 48 per cent higher than the preceding year. This was disclosed in Karachi recently, by Managing Director of ICP Mutiur Rahman while presiding over its 23rd annual general meeting. He noted that the management efforts in keeping strict control had to reduce administrative expenses of the Corporation by 6.7 per cent as compared to last year.

The Corporation's gross income during 1989 was Rs. 233.8 million compared to Rs. 222.9 million in 1987-88, which showed an increase of 4.9 per cent. Shareholders were informed that ICP had made concerted efforts for recovery of its loans/finances and had succeeded in attaining an increase of 78.7 per cent over the preceding year. These efforts had also benefited nationalised commercial banks and other financial institutions which participated in providing financial assistance to projects approved by ICP on a joint basis, he said.

ICP Managing Director noted that despite paucity of funds, the Corporation disbursed an increase amount of Rs. 176.3 million against its own commitment during the year under report, compared to Rs. 146.4 million disbursed in the preceding year. However, he felt that in the absence of any line of credit from State Bank of Pakistan, it had become imperative for the Corporation to find alternate sources of funds for meeting the demand of financial assistance by industrial sector.

Rahman said that keeping in view the growing popularity of ICP Mutual Funds, as attractive medium of investment among the small investors, the Corporation floated its 18th Mutual Fund with an increased size of Rs. 50 million.
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Title Annotation:Investment Corporation of Pakistan
Publication:Economic Review
Date:Feb 1, 1990
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