Karachi: First National Equities Limited has experienced a significant loss in the third quarter ended September 30, 2024, primarily due to an increase in administrative and other operating expenses. According to information available from the Pakistan Stock Exchange (PSX), the financial details reveal a challenging quarter for the company with mounting costs overshadowing operating revenue.

The firm reported operating revenues of Rs. 5.68 billion, up from Rs. 4.52 billion in the same period last year. Despite the increase in revenue, the company suffered a net loss, driven by higher expenses across the board. Administrative expenses saw a significant jump to Rs. 21.90 billion, coupled with an increase in other operating expenses to Rs. 9.40 billion.

First National Equities also faced a realized loss on the sale of investments totaling Rs. 2.05 billion, further impacting its financial stability. This was compounded by an unrealized loss on re-measurement of investments at fair value, which amounted to Rs. 321.47 million. As a result, the company’s operating profit turned into a loss before taxes of Rs. 23.16 billion.

The loss before income tax deepened to Rs. 15.84 billion for the quarter. After accounting for taxation, including a deferred tax expense of Rs. 555.81 million, the net loss amounted to Rs. 16.39 billion. This financial downturn marks a significant shift from the previous year’s loss of Rs. 8.63 billion during the same quarter.

The comprehensive income statement reflects these struggles, with a total comprehensive loss for the period of Rs. 15.35 billion, further underscoring the adverse impact of volatile investment valuations and increased operational costs.