Karachi: Pakistan Hotels Developers Limited (PHDL) released its audited financial statements for the year ending June 30, 2025, marking notable financial and operational shifts as the company undergoes a liquidation process. The company, which previously owned and operated the Regent Plaza Hotel and Convention Centre in Karachi, has been in the process of winding up its operations following the sale of its primary asset.
On October 20, 2025, the financial statements and liquidators’ report detailed the fiscal year activities and financial outcomes. As part of the liquidation process initiated by a special resolution on December 31, 2024, PHDL handed over the Regent Plaza Hotel to the SIUT Trust on July 18, 2024. Consequently, the company has focused on managing the proceeds from this transaction and winding up procedures.
According to information available from the Pakistan Stock Exchange (PSX), the company reported net assets of 1.39 billion rupees as of June 30, 2025, down from 1.46 billion rupees on October 31, 2024. This change represents a decrease of 86.57 million rupees from January 1, 2025, to June 30, 2025, reflecting the ongoing costs and financial adjustments associated with the liquidation process.
The financial report highlights a modest net profit of 42.08 million rupees for the year, a substantial decline from the previous year’s 446.88 million rupees. The revenue generated during the period was 78.27 million rupees, driven by 76.99 million rupees from rooms and food and beverage sales. However, the company’s gross profit dropped to 22.03 million rupees, further impacted by administrative expenses totaling 93.46 million rupees.
The liquidators have outlined steps to ensure an orderly winding-up, including auditing financial statements and seeking necessary No Objection Certificates (NOCs) from various authorities. The company is also pursuing tax refunds, with 355 million rupees paid in advance taxes to the Federal Board of Revenue, subject to detailed audits for potential refunds.
The reduction in bank profit rates by 11% during this period negatively affected the company’s income from bank deposits, contributing to the financial challenges faced in the liquidation phase. Despite these challenges, the liquidators are committed to keeping shareholders informed and ensuring compliance with regulatory requirements.
In conclusion, Pakistan Hotels Developers Limited is navigating significant financial and operational changes as it concludes its business activities. The company’s financial performance during the fiscal year reflects the complexities of the liquidation process, with ongoing efforts to manage assets and liabilities and finalize the wind-up in compliance with legal and regulatory standards.