Karachi: First Paramount Modaraba has released its financial results for the quarter ended September 30, 2024, indicating a notable decrease in profits compared to the same period last year. According to the unaudited interim profit and loss statement sent to the Pakistan Stock Exchange, the company reported a profit after taxation of 6.33 billion rupees for the quarter, a substantial decline from 10.39 billion rupees reported in the third quarter of 2023.

The company’s operating income decreased to 143.29 billion rupees from 159.59 billion rupees year over year, primarily driven by higher operating costs which tallied at 129.95 billion rupees. According to information available from the Pakistan Stock Exchange (PSX), the Modaraba faced increased financial charges and management fees, which rose to 5.65 billion rupees and 1.01 billion rupees, respectively.

Despite a slight increase in other income, which reached 2.06 billion rupees, the overall financial health of the Modaraba has been impacted by the economic climate, as evidenced by the provisions for the Sindh Workers' Welfare Fund which stood at 182 million rupees.

The company announced no cash dividend, bonus, or right shares for this period, reflecting its cautious stance amidst financial challenges. The detailed financial results are available on the First Paramount Modaraba’s official website and have been submitted to PSX within the stipulated timeframe, ensuring compliance with regulatory requirements and transparency for investors.