Karachi: First National Equities Limited disclosed its condensed interim profit and loss account for the period ended September 30, 2023, showcasing a challenging financial quarter for the company.

The financial documents presented to the Pakistan Stock Exchange revealed an operating revenue of Rs. 4,524,530, a decrease from Rs. 6,150,303 in the same period last year. The company experienced a gain on the sale of investments amounting to Rs. 2,760,252, a significant shift from a loss of Rs. (3,622,429) in the previous year. However, the company reported an unrealized loss on re-measurement of investments classified at fair value through profit or loss, netting Rs. (681,782), compared to a loss of Rs. (2,535,207) in 2022.

The operating profit reached Rs. 6,603,000, showing a turnaround from an operating loss of Rs. (7,333) in the same quarter last year. The administrative expenses accounted for Rs. (17,022,650), and finance costs were Rs. (6,031,701), accompanied by other operating expenses of Rs. (396,015). Other operating income stood at Rs. 5,063,727, a decrease from Rs. 11,009,790 in the previous year.

The loss before taxation was recorded at Rs. (11,783,639), marginally less than the Rs. (11,813,102) loss reported in the same quarter of 2022. The taxation for the period was Rs. 3,153,933, resulting in a loss after taxation of Rs. (8,629,706), a slight improvement from the loss of Rs. (8,701,563) reported in the previous year. The basic loss per share was calculated at Rs. (0.032), showing a minimal improvement from Rs. (0.033) in the same period of 2022.

The financial statements were accompanied by annexed notes, forming an integral part of the condensed interim financial statements.