Karachi: First Al Noor Modaraba has reported a substantial downturn in its financial performance for the first quarter ending September 30, 2026, with a profit after taxation showing a very large or significant move of -218.64% compared to the same period last year. The firm recorded a loss of Rs. 9,075,870, a stark contrast to the Rs. 7,651,083 profit reported in the first quarter of 2025.

The condensed interim profit and loss account reveals a decline in key revenue streams. Notably, the gain from trading operations plummeted to Rs. 2,366,447 from Rs. 10,974,729, and income from investments decreased to Rs. 3,305,528 from Rs. 7,142,238. The total income for the quarter stood at Rs. 5,671,975, a sharp decline from last year's Rs. 18,273,978.

Administrative and operating expenses rose to Rs. 9,666,954 from Rs. 6,714,041, further pressuring the company's bottom line. The report also highlights a reversal of provision against non-performing loans, amounting to Rs. 216,000 compared to Rs. 180,000 in the previous year.

A notable factor in the quarter's performance was the unrealized loss on re-measurement of investments at fair value through profit or loss, which amounted to Rs. 7,004,184. This contrasts with a gain of Rs. 1,050,386 reported in the same quarter last year.

According to information available from the Pakistan Stock Exchange (PSX), the management company's remuneration and associated sales tax and workers welfare fund expenses were not incurred this quarter, unlike the previous year.

The company's earnings per certificate, including bonus certificates, also reflected the downturn, recording a loss of Rs. 0.39 compared to a gain of Rs. 0.33 in the first quarter of 2025.

Overall, First Al Noor Modaraba's financial results for the first quarter of 2026 indicate significant challenges, with a notable impact from decreased revenue streams and increased expenses, leading to a substantial loss before and after taxation.