Karachi: First Elite Capital Modaraba, managed by Crescent Modaraba Management Company Limited, reported a narrowed loss for the quarter ended September 30, 2024. According to the company's un-audited financial results, the loss after taxation decreased to 354,005 rupees, compared to 897,277 rupees in the same period last year.

On October 25, 2024, the Board of Directors approved the financial results, which showed a total income increase to 10,547,381 rupees from 9,485,553 rupees in the previous year. Despite higher income, the Modaraba recorded an operating loss of 222,163 rupees, compared to 778,708 rupees last year.

Depreciation of assets leased out rose slightly to 6,697,145 rupees from 6,402,245 rupees, while administrative and general expenses increased to 4,069,766 rupees from 3,857,364 rupees. Financial charges fell to 2,633 rupees, down from 4,652 rupees. According to information available from the Pakistan Stock Exchange (PSX), the loss per certificate was reduced to 0.03 rupees, compared to 0.08 rupees in the same quarter last year.

The details of the quarterly report will be transmitted through PUCARS separately, as stated by the company.