Karachi: Escort Investment Limited has reported its financial results for the half-year ending December 31, 2024. The company disclosed a considerable increase in net loss, which amounted to 20.99 million compared to a net loss of 0.93 million for the same period in the previous year.

The revenue for the company declined to 60.72 million from 75.74 million recorded in the corresponding period of 2023. This decrease in revenue was accompanied by a notable rise in loss before provision and taxation, which surged to 17.84 million from 2.67 million in the preceding year.

The financial statement also revealed a slight decrease in the provision - net, which stood at 2.50 million compared to 2.59 million in the previous year. Taxation and tax levies - net represented a credit of 0.65 million, contrasting with a debit of 4.34 million in the same period last year.

Escort Investment Limited's earnings per share for the half-year dropped to a negative 0.15, down from a negative 0.01 a year ago. The company's total assets at the end of the period were valued at 707.62 million, a decrease from 726.06 million as of June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company's authorized share capital remains steady at 3.00 billion, with an issued, subscribed, and paid-up capital of 1.36 billion. The company's current liabilities increased to 126.22 million from 119.77 million as of June 30, 2024.

The Board of Directors expressed gratitude to the Securities and Exchange Commission of Pakistan (SECP) for their support and acknowledged the efforts of the company's employees and management. The company is currently in the process of renewing its IFS license with the SECP, emphasizing its commitment to regulatory compliance.

Despite the challenging financial performance, Escort Investment Limited's Directors conveyed their appreciation to the company's workforce for their continued dedication and hard work during the period.