⚡ Flash Summary

First Equity Modaraba reports financial results for the quarter ended September 30, 2025. A cash dividend, bonus shares, and right shares are all reported as NIL for the period. The statement of financial position is unaudited. The firm reports a loss for the period, while also dealing with unrealized losses.

📌 Key Takeaways

• ❌ No cash dividend was declared for the period ended September 30, 2025.
• 📉 The company reports a loss after taxation of PKR 1.758 million for the quarter ended September 30, 2025, compared to a loss of PKR 3.087 million in the same quarter last year.
• 😔 Earnings per certificate stand at (0.034) compared to (0.059) last year.
• ⚠️ Total equity and liabilities increased from PKR 665.198 million as of June 30, 2025, to PKR 698.991 million as of September 30, 2025.
• 💸 Cash and bank balances increased from PKR 18.927 million to PKR 21.159 million.
• 📊 Non-current assets decreased slightly from PKR 428.762 million to PKR 428.556 million.
• 📉 Total current assets increased from PKR 236.435 million to PKR 270.435 million.
• 📉 The company faced operating expenses of PKR 7.088 million and bank charges of PKR 3,566.
• ⚠️ Minimum tax was PKR 81,926, and final tax was PKR 1,106.
• 📉 Total equity decreased from PKR 612.814 million to PKR 644.353 million.
• 🚧 Unrealized loss on re-measurement of investments increased from PKR 33.505 million to PKR 66.802 million.

🎯 Investment Thesis

I recommend a SELL rating. The company is currently not profitable, and there are unrealized losses. I do not have a price target.