Karachi: First Dawood Properties Limited (FDPL) has reported a significant decline in profits for the first quarter of the fiscal year 2024, as disclosed in their latest directors' report. The period ending September 30, 2024, saw the company's pre-tax profit drop to Rs 1.93 billion, a stark contrast to the Rs 2.42 billion recorded during the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), the sharp decrease in profit by 20.25% is attributed primarily to a substantial reduction in earnings per share, which plummeted from Rs 658.21 million in the previous year to Rs 656.47 million. This downturn reflects the broader economic pressures that have been weighing on real estate sectors across the nation.

The board of directors, consisting of six male and one female members, remains steadfast in navigating these challenging market conditions. The directors' compensation has been carefully managed, aligning with the company's commitment to maintaining fiscal prudence amidst economic fluctuations.

The management extends its gratitude towards shareholders, employees, and partners for their continued support and dedication during these testing times. Despite the economic headwinds, First Dawood Properties is focused on leveraging its strategic initiatives to stabilize and enhance shareholder value moving forward.