Lahore: First Capital Securities Corporation Limited (FCSC) has disclosed its financial results for the fiscal year ended June 30, 2024, revealing a continued payout hiatus and an increase in net losses. The company convened on October 4, 2024, in Lahore, where it confirmed that no dividends, bonus shares, or rights issues would be distributed for the year.
The statement provided shows the company's revenues slightly increased, reaching 43.51 million Rupees in 2024 from zero in the prior year. This growth in revenue, however, was offset by significant losses in investments and increased operating expenses. Specifically, FCSC reported unrealized losses on investment re-measurement at 68.69 million Rupees, up from 83.44 million Rupees the previous year, and a substantial uptick in operating and administrative expenses to 30.64 million Rupees from 10.73 million Rupees in 2023.
According to information available from the Pakistan Stock Exchange (PSX), the financial burden was compounded by finance costs which soared to 440.42 million Rupees, a marked rise from 312.57 million Rupees in the preceding year. Consequently, FCSC's net loss before tax expanded significantly, standing at 160.97 million Rupees, compared to 64.65 million Rupees in 2023. The loss per share deepened to 0.50 Rupees from 0.20 Rupees.
In operational developments, the company's Board of Directors has scheduled the Annual General Meeting for October 28, 2024, and announced the closure of the share transfer books from October 21 to 28, 2024. These corporate actions are part of efforts to align with regulatory requirements and enhance corporate governance. All financial statements have been submitted to PSX within the stipulated timeframe, facilitated by the Pakistan Unified Corporate Action Reporting System (PUCARS).
The detailed financial statements of FCSC, reflecting these figures, are available for public review on the company's website, ensuring transparency and accessibility for investors and stakeholders. The financial outlook for First Capital Securities Corporation remains cautious as it navigates a challenging economic environment and significant internal financial adjustments.