LIBERTY INVESTMENT TRUST LTD
No 5, President John Kennedy Street, Port Louis
Interim Report for the six months ended 31 March, 2006
Six months Audited Six months Six months Audited Six months
INCOME STATEMENT 31.03.06 Yr 30.09.05 31.03.05 CASH  FLOW  STATEMENT  31.03.06 Yr 30.09.05 31.03.05
Rs 000 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
OPERATING ACTIVITIES
Investment Income 2,642 7,954 4,197 Cash generated from operations 90 4,581 2,207
Realised gain on disposal of Tax paid - (58) -
  available-for-sale securities 6,575 9,356 6,628 Net cash from operating activities 90 4,523 2,207
Rental Income 205                  -                     - INVESTING ACTIVITIES
Proceeds on maturity of Treasury Bills            1,683                    -                 -
Loss on exchange (547) (491) (35) Purchase of investment in securities (22,795) (23,609) (1,801)
Proceeds on disposal of investment in securities 12,833 26,881 14,657
Expenditure (1,723) (2,631) (1,568) Net cash (used in)/generated from investing activities (8,279) 3,272 12,856
Profit before tax 7,152 14,188 9,222 FINANCING ACTIVITY
Dividends paid (6,300) (5,775) (5,775)
Income tax (27) (148) -
(Decrease)/Increase in cash and cash equivalents (14,489) 2,020 9,288
Net profit 7,125 14,040 9,222
MOVEMENT IN CASH AND CASH EQUIVALENTS
At October 1, 15,992 13,972 13,972
(Decrease)/Increase (14,489) 2,020 9,288
Six months Audited Six months At March 31, /September 30, 1,503 15,992 23,260
BALANCE SHEET 31.03.06 Yr 30.09.05 31.03.05
Rs 000 Rs 000 Rs 000
ASSETS EMPLOYED
Non-Current Assets STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Investment property 7,481 7,481 7,481
Investment in securities 164,785 149,007 123,432 SHARE SHARE FAIR VALUE RETAINED
172,266 156,488 130,913 CAPITAL PREMIUM & OTHER EARNINGS TOTAL
Current Assets RESERVES
Investment in securities 1,438         1,489 1,444 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
Trade and other receivables 240            334 597 Balance at October  1, 2004 52,500 2,384 24,200 53,712 132,796
Bank balances 1,503 15,992 23,260 Increase in fair value                 -                -          20,759                    - 20,759
3,181 17,815 25,301 Release to income statement                 -                - (7,922)                    - (7,922)
Exchange differences                 -                - 440                    - 440
Total Assets 175,447 174,303 156,214 Profit for the period                 -                -                     -           9,222 9,222
Balance at March 31, 2005 52,500 2,384 37,477 62,934 155,295
EQUITY AND LIABILITIES
Capital and Reserves
Share capital 52,500 52,500 52,500 Balance at October  1, 2005 52,500 2,384 50,710 61,452 167,046
Share premium 2,384 2,384 2,384 Increase in fair value                 -                -            6,755                    - 6,755
Fair value & other reserves 51,010 50,710 37,477 Release to income statement                 -                - (6,724)                    - (6,724)
Retained earnings 68,577 61,452 62,934 Exchange differences                 -                - 269                    - 269
Shareholders' interest 174,471 167,046 155,295 Profit for the period                 -                -                     -           7,125 7,125
Balance at March 31, 2006 52,500 2,384 51,010 68,577 174,471
Current Liabilities
Trade and other payables 801 809 861
Current tax liabilities 175 148 58
Proposed dividends - 6,300 -
976 7,257 919
Total Equity and Liabilities 175,447 174,303 156,214
STATISTICS            
Earnings per share (Rs.)  1.36 2.67 1.76
Number of shares in issue 5,250,000 5,250,000 5,250,000
Dividends per share - Interim & Final (Rs.)                   -   1.20                   -  
Net Asset Value per share (NAV) (Rs.)   33.23   31.82   29.58
Text Box: NOTES 1. The financial information set out above for the six months ended March 31, 2006 is unaudited. 2. Basis of preparation The Interim Report has been prepared in accordance with International Financial Reporting Standards and on the basis of the accounting policies set out in the statutory accounts for the year ended September 30, 2005. 3. Net Asset Value and Investment at March 31, 2006 Net Asset Value per share has increased to Rs 33.23 (Sept 30, 2005-Rs 31.82) representing an increase of 4.4% for the half year. Over the same period, the Semdex and the SEM-7 gained 1.9% and 0.7% respectively. Local investments posted a capital return of 0.9% and the foreign funds gained 12.3% while the MSCI World Index returned 11.8% and 10.9% in Rs and USD terms respectively. The share price of the company closed at Rs 27.50 on March 31, 2006 compared to an opening price of Rs 24.30 in October 2005. By order of the Board Reena Kowlessur Company Secretary May 18, 2006 Investment Manager Cim Asset Management Ltd, 6th. Floor Les Cascades, Edith Cavell Street, Port Louis Transfer Secretaries Mauritius Computing Services Ltd, 18 Edith Cavell Street, Port Louis Copies of the interim report are available free of charge at the registered office of the company. This interim report is issued pursuant to Listing Rule 12.21. The Board of Directors of Liberty Investment Trust Ltd accepts full responsibility for the accuracy of the information contained in the interim report.
NOTES
1.  The financial information set out above for the year ended September 30, 2003 are audited.
2. Basis of preparation
International accounting standards are being applied in full for the first time .  Where necessary comparative
figures have been amended to conform with change in presentation in the current year. 
3. Investment in securities
a) Available for sale securities
Available for sale investments are measured at subsequent reporting dates at fair value.  Unrealised gains or
losses on such securities are recognised directly in equity,  until the security is disposed of or found to be impaired
at which time the cumulative gain or loss previously recognised in equity is included in the Income Statement  for the
period.  On disposal,  the profit or loss recognised in the Income Statement is the difference between the proceeds and
the carrying amount of the asset.
b) Held to maturity debt securities
Held to maturity securities are measured  at subsequent reporting dates at amortised cost.
4. Investment Property
Investment property,  which is property held to earn rentals is stated at fair value at the balance sheet date.  Gains or
losses arising from changes in fair vaue of investment property are included in the net profit or loss for the period in
which they arise.
5. Copies of the abridged audited financial statement are available free of charge at the Registered Office.
 FINANCIAL COMMENTARY FOR YEAR ENDED 30 SEPTEMBER 2003
INVESTMENTS AND NET ASSET VALUE AT 30 SEPTEMBER 2003
Net Asset Value per share has increased to Rs 20.55 from a restated opening NAV of Rs 17.35.  This represents an increase of 18.4% for the year against a Semdex performance of +30.2% and the SEM 7 of +32.5%. 
INCOME
Net income before tax increased by 24.2% to Rs 4.66m while earnings per share amounted to Rs 0.88 (2002-Rs 0.70).  Earnings per share are up 25.7% for the year. 
By order of the board
Aruna Radhakeesoon Registered Office
Secretary Rogers House,
5 President John Kennedy St
xx December 2003 Port Louis, Mauritius
Investment Manager Transfer Secretaries
Tomfin Asset Management Ltd Mauritius Computing Services Ltd,
18 Edith Cavell Street
75pt'> Profit before tax 7,152 14,188 9,222 FINANCING ACTIVITY Dividends paid (6,300) (5,775) (5,775) Income tax (27) (148) - (Decrease)/Increase in cash and cash equivalents (14,489) 2,020 9,288 Net profit 7,125 14,040 9,222 MOVEMENT IN CASH AND CASH EQUIVALENTS At October 1, 15,992 13,972 13,972 (Decrease)/Increase (14,489) 2,020 9,288 Six months Audited Six months At March 31, /September 30, 1,503 15,992 23,260 BALANCE SHEET 31.03.06 Yr 30.09.05 31.03.05 Rs 000 Rs 000 Rs 000 ASSETS EMPLOYED Non-Current Assets STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Investment property 7,481 7,481 7,481 Investment in securities 164,785 149,007 123,432 SHARE SHARE FAIR VALUE RETAINED 172,266 156,488 130,913 CAPITAL PREMIUM & OTHER EARNINGS TOTAL Current Assets RESERVES Investment in securities 1,438         1,489 1,444 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000 Trade and other receivables 240            334 597 Balance at October  1, 2004 52,500 2,384 24,200 53,712 132,796 Bank balances 1,503 15,992 23,260 Increase in fair value                 -                -          20,759                    - 20,759 3,181 17,815 25,301 Release to income statement                 -                - (7,922)                    - (7,922) Exchange differences                 -                - 440                    - 440