Karachi: A recent financial statement has disclosed a notable decline in non-current assets and a decrease in profit for the period ending March 31, 2022. The report, comparing figures from June 2021, highlights several financial shifts, including changes in liabilities and equity, impacting the overall financial position.

The statement of financial position shows a decrease in non-current assets from 718,254.26 million Pakistani Rupees in June 2021 to 582,672.68 million Rupees as of March 31, 2022. This decline is primarily attributed to a reduction in finance facilities, with the principal portion receivable dropping from 718,253.45 million Rupees to 582,665.73 million Rupees.

Current assets increased significantly from 348,514.61 million Rupees in June 2021 to 437,827.32 million Rupees in March 2022. This surge was driven by an increase in the current portion of finance facilities receivable, rising from 348,289.34 million Rupees to 437,581.44 million Rupees.

The total assets decreased from 1,066,768.87 million Rupees in June 2021 to 1,020,500.00 million Rupees by March 2022. According to information available from the Pakistan Stock Exchange (PSX), the company's equity showed a modest increase in accumulated profit, moving from 181.69 million Rupees to 218.05 million Rupees, while the share capital remained unchanged at 15 million Rupees.

Non-current liabilities experienced a reduction, with long-term financing decreasing from 718,253.45 million Rupees in June 2021 to 582,665.73 million Rupees in March 2022. However, current liabilities increased from 348,318.73 million Rupees to 437,601.23 million Rupees, mainly due to a rise in the current portion of long-term financing and markup accrued.

Despite receiving a grant of 76,986.73 million Rupees from the power sector through the Central Power Purchasing Agency (CPPA-G), the net profit for the nine months ended March 31, 2022, fell to 36.36 million Rupees compared to 62.47 million Rupees in the same period the previous year. Earnings per share also declined from 41.65 Rupees to 24.24 Rupees.

The cash flow statement indicated a net increase in cash and cash equivalents of 25.53 million Rupees by the end of March 2022. This occurred despite net cash used in financing activities and investing activities amounting to zero and 6.88 million Rupees, respectively.

The financial statements provide a comprehensive view of the company's fiscal health, highlighting areas of concern and potential financial strategies moving forward.