Karachi: First Elite Capital Modaraba has reported its financial results for the quarter ending September 30, 2026, revealing a noteworthy increase in losses compared to the same period last year. The modaraba's performance indicates challenges in revenue streams and rising expenses.

On October 22, 2026, First Elite Capital Modaraba disclosed a loss of 2.63 million rupees for the quarter, a significant move when compared to a loss of 1.93 million rupees recorded in the third quarter of 2025. The earnings per certificate declined from negative 0.17 rupees to negative 0.23 rupees.

Total income for the quarter decreased to 10.00 million rupees from 11.38 million rupees, driven mainly by a decline in income from ijarah financing, which dropped to 9.48 million rupees from 10.81 million rupees. Income from murabahah financing and reversals of provisions for doubtful receivables were non-existent, contrasting with the previous year's figures of 27,544 rupees and 50,755 rupees, respectively.

The company faced increased administrative and general expenses, rising from 4.26 million rupees to 4.67 million rupees. Depreciation of assets leased out also contributed to the increased expenses, though it decreased from 8.36 million rupees to 7.21 million rupees. However, a fair value loss on investments at fair value through profit or loss (FVTPL) of 627,013 rupees was a new expense for the quarter.

According to information available from the Pakistan Stock Exchange (PSX), the modaraba's total assets were recorded at 237.71 million rupees, slightly higher than the 236.36 million rupees reported at the end of June 2026. Current assets stood at 48.91 million rupees, with non-current assets at 188.80 million rupees.

The modaraba's total liabilities increased to 103.83 million rupees from 99.54 million rupees, with current liabilities at 29.55 million rupees and non-current liabilities at 74.28 million rupees. Net assets decreased to 133.88 million rupees from 136.82 million rupees over the same period.

Issued, subscribed, and paid-up certificate capital remained unchanged at 113.40 million rupees, while accumulated losses increased from 10.25 million rupees to 12.74 million rupees.

These financial results highlight the challenging environment faced by First Elite Capital Modaraba, with the modaraba experiencing decreased income and increased expenses, leading to a larger quarterly loss.