Karachi: OLP Financial Services Pakistan Limited has announced its financial results for the first quarter ended September 30, 2024. The company disclosed a decrease in profit compared to the same period last year, according to unaudited financial statements released to the Pakistan Stock Exchange.

The consolidated financial statements show a profit after taxation of 343.34 million, down from 429.94 million in September 2023. Earnings per share also decreased to 1.81 from 2.27 the previous year. This decline in profitability occurred despite a drop in income from operations, which fell to 541.80 million from 762.41 million in 2023.

On the expenses front, finance costs and general expenses were slightly reduced, which partially offset the impact of lower income. According to information available from the Pakistan Stock Exchange (PSX), the provision for potential lease and loan losses also saw a reversal, suggesting some recovery in asset quality or a change in risk assessment.

The unconsolidated financial statements, representing figures solely from OLP Financial Services without its subsidiaries, echoed similar trends. The unconsolidated profit after taxation stood at 324.50 million, down from 378.64 million in the previous year.

The report suggests that while OLP Financial Services is navigating a challenging economic landscape, its efforts to manage costs and mitigate risks are having mixed results. As the company moves forward, stakeholders will be watching closely to see how it adjusts to ongoing financial pressures and market dynamics.