Karachi: First National Equities Limited, a publicly traded company, has disclosed its interim profit and loss account for the quarter ending September 30, 2023, in a recent financial announcement to the Pakistan Stock Exchange (PSE). The figures presented in the report are unaudited.

The company reported an operating revenue of PKR 214,524,530, a significant increase from the PKR 6,150,303 recorded in the same period the previous year. However, the gain on the sale of investments showed a turnaround, with the company making a gain of PKR 2,760,252 compared to a loss of PKR (3,622,429) in the previous year. The unrealized loss on re-measurement of investments classified at fair value through profit or loss was reported at PKR (681,782), a decrease from the PKR (2,535,207) reported in 2022.

Despite these figures, the company reported an operating loss of PKR 6,603,000, a stark contrast to the operating loss of PKR (7,333) reported in the same quarter of the previous year. Administrative expenses and finance costs also increased to PKR (17,022,650) and PKR (6,031,701) respectively, compared to PKR (17,145,829) and PKR (4,546,678) in 2022. Other operating expenses decreased to PKR (396,015) from PKR (1,123,052), while other operating income increased to PKR 5,063,727 from PKR 11,009,790.

Ultimately, the company recorded a loss before taxation of PKR (11,783,639), an improvement from the PKR (11,813,102) reported in 2022. After accounting for taxation, the loss after taxation stood at PKR (8,629,706), slightly better than the PKR (8,701,563) reported in the previous year. This resulted in a basic loss per share of PKR (0.032), a slight improvement from the PKR (0.033) in 2022.

On the comprehensive income side, the company reported an unrealized gain during the period in the market value of investments classified as fair value through OCI of PKR 1,167,252, a positive shift from the PKR (270,048) reported in the previous year. This resulted in a total comprehensive loss for the period of PKR (8,971,606).