FIRST CAPITAL SECURITIES CORPORATION LIMITED
CONDENSED UN CONSOLIDATED
FINANCIAL STATEMENTS AS AT MARCH 31, 2022
STATEMENT OF FINANCIAL POSITION STATEMENT OF PROFIT OR LOSS STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF CASH FLOWS STATEMENT OF CHANGES IN EQUITY NOTES TO THE FINANCIAL STATEMENTS
First Capital Securities Corporation LimitedBoard of Directors
Shehrbano Taseer (Chairman)Aamna Taseer Shahbaz Ali Taseer Shehryar Ali Taseer Naeem Akhtar
(CEO)Mustafa Mujeeb Chaudhry Umair Fakhar Alam
Company Information
Non-Executive Executive Non-Executive Non-Executive Non-Executive Independent Independent
Chief Financial Officer
Saeed Iqbal
Audit CommitteeHuman Resource and Remuneration (HR&R) Committee
Company Secretary
Umair Fakhar Alam (Chairman)
Shehrbano Taseer (Member)
Naeem Akhtar (Member)Umair Fakhar Alam (Chairman)
Aamna Taseer (Member)
Shehrbano Taseer (Member)Sajjad Ahmad
Auditors
Nasir Javaid Maqsood Imran Chartered Accountants
Legal AdvisersBankersRegistrar and Shares Transfer OfficeRegistered Office
M/s. Ibrahim and Ibrahim
Barristers and Corporate Consultants Lahore
Allied Bank Limited Bank Alfalah Limited Faysal Bank Limited MCB Bank Limited
Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited
Corplink (Pvt.) Limited Wings Arcade, 1-K Commercial Model Town Lahore
Tel: 42) 35839182
First Capital House
96-B/1, Lower Ground Floor M.M. Alam Road, Gulberg-III Lahore, Pakistan
Tele: + 92-42-35778217-18
DIRECTORS' REVIEW
We, on behalf of the Board of Directors of First Capital Securities Corporation Limited (the "Company" or "FCSC") are pleased to present the auditors' reviewed condensed interim financial statements of the Company for the nine months ended 31 March 2022.
Operational Results
The operating results of the Company are summarized as follows:
Financial Overview
31 December 2022
31 March 2021
Revenue
Rupees (51,811,166)
Rupees
85,755,018
Unrealized (loss)/gain on short term investments Operating expenses
1LL7,050,6371 5,232,8L0
84,507,376
7,226,358
Operating (loss)/profit 157,044,4761
78,528,660
Finance and other costs 235,831,540
145,132,549 .
Loss after taxation 1292,894,3051
(58,117,801)Loss per share (basic and diluted)
(0.e3)
(0.18)
The Company reported after tax loss of Rs. 292.89 million as compared to Rs. 58.12 million in the corresponding period of last year primarily due to an unrealized loss of Rs. 117.05 million on investments. Operating expenses incurred at Rs.5.23 million in comparison with Rs. 7.23 million in same period of last year. On net basis, per share loss of the Company has arrived at Rs.0.93 in comparison with Rs. 0.18 in the same period of last year.
The financial results of subsidiaries of "FCSC" during the period under review are given hereunder:
First Capital Equities Limited ('FCEL') has reported a loss of Rs 68.31 mittion in 3QFY22 as compare to profit of Rs. 40.64 million in 3QFY21. During the period due to discontinuation of operations, the brokerage income of your Company is NIL in both periods. Further, the company recorded capital gain /(loss) of Rs NIL against Rs. NIL last year. The Un-realized loss on re-measurement of investment is recorded at Rs. 67.31 million. Operating expenses decreased 67% during the period under review.
Lanka Securities (Pvt.) Limited ("LSL") generated a total revenue LKR. 623.43 million, and net profit of LKR. 250.44 million in nine monfhs period which translates into an EPS of LKR. 14.33.
First Capital tnvestments Limited ("FClL") reported loss after taxation of Rs. tL.Iz million (LPS: 0.53) as compared to profit of Rs. 13.1,4 million (EPS:0.63) in the corresponding period last year. The Loss aftertax is mainly attributed to unrealized loss on re-measurement of investments amounting of Rs, 15.06 million, due to a significant loss of t7.52% generated by First Capital Mutual Fund during the period under review. Share of Profit from associates recorded at nil during the period under review as compared to profit of Rs. 4.59 million in same period last year. Asset Management Fee has been recorded at Rs. 1.73 million as compared to ns. 1.80 million in corresponding period last year.
Evergreen Water Valley (Pvt.) Limited ("EGWV') generated a total revenue PKR. 253,623,3L7 and a net loss aftertaxationof.Rs.49,TSS,2OZandlosspershareduringtheperiodunderreviewisrecordedatRs.(69.59).
Outlook
The Company in order to strengthen itself remained completely focused on maintaining its growth momentum. The management is monitoring its resources and making earnest efforts to reap the maximum benefits from them for its shareholders. This involves optimizing revenue generation from core operations, treasury management whilst at the same time rationalizing the cost base.
The Board of Directors also wishes to express its gratefulness to the shareholders for their continued support and to all their employees for their origoing dedication and commitment to the Company.
Acknowledgement
Directors of the company place on record their sincere appreciation for the assistance and co-operation provided by financial institutions, government authorities and other stake holders in attaining such commendable performance. The directors also appreciate the committed services of the employees of the Company.
For and on behalf of the Board of Directors
,,f{o.r**.Ia^nAD,.r
"' 'Chief Executive Officer
Director
Lahore
26 April2022
ITIRS'I' CAI'ITAL SECURITIES CORPORATION LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31,2022
March3l,2022 June30,2021 ------------Rupees------------
Un-Audited
Audited
Note
NON.CUITREN'T ASSETS
Property, plant and equiplnent Investment properties
Long term investments l,ong term deposits
CURIU]NT ASSETS 'l'rade debts - unsecured, considered good
Loans, advances, prepayments and other receivables Short term investments
6 7
B
37,500 4,026,613,477 4,107,351,296
132,576,629 732,743,163 2,L52,6L8,664 2,752,6L8,664 1,74L,380,678 1,,821,,951.,969
37,500
5O3,784
503,784
s2,lo5,llL 33,544,229
38,748,215 75,227,561
Acivance tax 7,547,537
Cash arrd bank balances
CUIIIIENT I,IABILITIES
'l'rade and other payables
Current portion of long term loan Current portion of accrued markup l'rUvision [0r taxationNON-CUI{REN'I LIABILITIES
10
IL
L2
Long term loan 1L
'?
L37,537,352 716,897,505
61,308,909 65,599,872
245,454,545
10 0,0 00,000
677,556,800 331,429,552
L4,4LO
986,334,664 497,029,424
3,L77,8L6,159
1,532,605,455
3,727,2t9,377
1,678,060,000
Accrued markup 12 111,377,020
Staff retirerncnt beneflts payable
Deferred tax liability 13
Contingencies and commitments 74
NET ASSETS
REPITISEN'TED BY
", t_
IJQUITY
SIIAIIE CAPI'I'AL AND RISERVES
Authorized share capital: 3 2 0,0 00,000 (June 202L: 3 20,000,000) ordinary shares of Rs. L0 each
lssued, subscribed and paid-up capital ILetained earnings
The annexed notes 1 to 20 form an integral part ofthese financial statements.
-'-'.elrr$'qotfro^',
v
Chief Executive Officer
2,616,073 2,293,427
00 1,550,22L,628
7,627,594,531
3,200,000,000
_1&LE2!l31_ ____1,929A5333b_
3,L66,101,120 [1,s38,s06,s89)
1
1
L,B06,730,541
1,,920,488,836
3,200,000,000
3,766,101,1,20 (7,245,612,284)
+
I
Director
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First Capital Securities Corporation Ltd. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 05:13:09 UTC.