Karachi: First Capital Equities Limited (FCEL) showcased a robust financial performance for the quarter ending September 30, 2024. The company, transitioning from brokerage to real estate, highlighted substantial gains in its latest financial report.

FCEL's financial summary reveals a notable turnaround, reporting an unrealized gain of Rs 28.08 million on re-measurement of investments, compared to a loss of Rs 4.41 million in the same period last year. This boost is primarily due to profitable re-measurements at fair value through profit or loss. According to information available from the Pakistan Stock Exchange (PSX), the profit after taxation from continuing operations hit Rs 28.08 million, marking a sharp contrast to last year's loss of Rs 4.61 million.

The earnings per share (EPS) from continuing operations stood at Rs 0.20, a significant improvement from a negative Rs 0.03 per share a year ago. Discontinued operations, however, recorded a loss after taxation, reducing EPS by Rs 0.003 per share.

The document also outlines FCEL’s strategic shift from a brokerage firm to a real estate company, pending approval for changes in its Memorandum of Association. The company anticipates resuming commercial activities in real estate upon completion of the surrender process of its trading rights entitlement with the PSX.

With a 49% decrease in operating expenses, FCEL is positioning itself for a more cost-efficient operation, aiming to capitalize fully on its new business model in the upcoming quarters.