KARACHI: Wasl Mobility Modaraba (formerly First Prudential Modaraba) has announced its financial results for the quarter ended March 31, 2026, reporting a net loss while maintaining a stable operational income base. The Board of Directors approved the unaudited quarterly financial statements in its meeting held on April 29, 2026.

The Modaraba posted a net loss after tax of Rs3.99 million for the nine-month period ended March 31, 2026, compared to a profit of Rs16.41 million recorded during the corresponding period last year. On a quarterly basis, the company reported a loss of Rs9.44 million, significantly wider than the loss of Rs0.70 million in the same quarter of FY2025. Earnings per certificate (EPS) stood at negative Rs0.03 for the nine-month period versus positive Rs0.13 a year earlier.

Despite the decline in profitability, Wasl Mobility Modaraba generated total income of Rs234.45 million during the nine months, more than doubling from Rs114.85 million in the corresponding period of the previous year. The increase was primarily supported by strong growth in Ijarah rental income and income from diminishing Musharika financing.

However, higher depreciation expenses related to Ijarah assets, increased finance costs, and expected credit loss provisions weighed on the company’s bottom line, resulting in a pre-tax loss during the period.

On the balance sheet, total assets increased to approximately Rs1.21 billion as of March 31, 2026, compared with Rs1.10 billion at the end of June 2025. Cash and bank balances declined to Rs108.37 million, while equity attributable to certificate holders stood at Rs748.30 million.

The Board did not recommend any cash dividend, bonus certificates, right certificates, or any other corporate action for the quarter under review. The company also confirmed that there was no other price-sensitive information to disclose alongside the financial results.

Although Wasl Mobility Modaraba continued to expand its revenue-generating activities during the period, the impact of higher operating costs and financing-related expenses offset these gains, leading to a return to losses. Investors will be closely watching the company’s efforts to improve operational efficiency and restore profitability in the coming quarters.