Karachi: Pervez Ahmed Consultancy Services Limited, formerly known as Pervez Ahmed Securities Limited, has officially reported its financial results for the year ended June 30, 2024. The disclosure was made following a board meeting at the company's registered office in Lahore.
The company has announced no dividends for the fiscal year, including cash dividends, bonus shares, or rights shares, reflecting a conservative fiscal approach amidst challenging conditions. According to information available from the Pakistan Stock Exchange (PSX), the financial statements reveal notable variances in year-over-year performance.
Revenue from contracts with customers was absent this year, a stark contrast to the previous year's figure of 600,000 Rupees. Administrative and financial charges showed an increase, totaling a loss of 2.07 million Rupees compared to 1.72 million Rupees in 2023. However, a positive turn was noted in the change in fair value of investments, which improved from a loss of 792,051 Rupees in 2023 to a loss of 1.99 million Rupees in 2024.
The share of profit or loss from associates worsened, with losses mounting to 3.15 million Rupees from 1.74 million Rupees the previous year. Before taxation, the company faced a loss of 1.16 million Rupees, a significant improvement over the 2.54 million Rupees loss in 2023. After adjusting for taxation, the net loss stands at 1.16 million Rupees, a marked recovery from a net loss of 2.60 million Rupees the previous year.
Earnings per share have also shown signs of recovery, with a basic and diluted profit of 0.006 Rupees per share, improving from a loss of 0.014 Rupees per share in 2023.
The auditors have issued an adverse opinion regarding the company's continuation as a going concern, highlighting ongoing litigation against the company by a banker and a creditor. Despite these challenges, management is actively working to resolve these issues and stabilize operations.
An annual general meeting is scheduled for October 28, 2024, at the company’s Lahore office, where stakeholders are expected to discuss the future course of action.