Karachi: First National Equities Limited (FNEL) witnessed a significant increase in its financial losses for the fiscal year ended June 30, 2024, according to the company's latest filings with the Pakistan Stock Exchange (PSX).

For the year 2024, FNEL reported a loss after income tax of 51.47 billion rupees, an increase from the previous year's loss of 87.49 billion rupees. The firm's operating revenue stood at 33.92 billion rupees, showing an increase from 20.65 billion rupees in 2023. However, the company faced a loss on sale of investments amounting to 6.05 billion rupees and unrealized losses on re-measurement of investments classified at fair value through profit or loss, netting 4.39 billion rupees.

Administrative expenses were also high, totaling 76.28 billion rupees, up from 91.95 billion rupees the previous year. Finance costs amounted to 24.06 billion rupees, a slight decrease compared to 32.75 billion rupees in 2023. Other operating expenses were recorded at 12.63 billion rupees, and the company earned other operating income of 42.36 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), the taxation, including both final and minimum taxes, resulted in a further loss of 937.09 million rupees before income tax, which totalled 51.19 billion rupees for the year.

In terms of comprehensive income, FNEL's total comprehensive loss for the year 2024 stood at 44.16 billion rupees. This was partially offset by an unrealized gain of 7.31 billion rupees during the year in the market value of investments classified at fair value through other comprehensive income, net of tax.

The statement of profit and loss highlights the challenges faced by First National Equities Limited in a volatile market, with significant losses recorded across multiple financial categories.