AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: First Capital Equities Limited has announced its financial results for the fiscal year ended June 30, 2024, as stated in a recent filing with the Pakistan Stock Exchange. The document detailed a complex financial year with significant contrasts in income streams and outcomes.
According to the statement dated October 4, 2024, addressed to the Managing Director of the Pakistan Stock Exchange, the Lahore-based company reported a net profit of 17.80 million from continuing operations, after a substantial loss the previous year. In contrast, discontinued operations led to a net loss of 1.03 million, indicating a difficult environment for parts of the business that are no longer active.
Despite considerable fluctuations, the company achieved a notable turnaround in its operating performance, with a profit of 16.50 million before taxes from continuing operations, a stark reversal from a loss of 19.33 million in the previous year. This was primarily due to an unrealized gain of 17.04 million on re-measurement of investments at fair value, compared to a significant loss in the same category last year. According to information available from the Pakistan Stock Exchange (PSX), operating and administrative expenses also saw a substantial decrease, falling from 2.26 million in 2023 to 0.74 million in 2024.
However, no dividends or bonus shares will be issued for this period, as the Board of Directors, meeting on October 4, 2024, decided to forego these distributions. The decision was influenced by the ongoing strategic adjustments and market conditions faced by the company.
In further disclosures, First Capital Equities noted that the Share Transfer Books of the company would be closed from October 21 to October 28, 2024, for the upcoming Annual General Meeting scheduled for October 28, 2024. The financial statements have been submitted within the stipulated time to the PSX and are also available on the company’s website.