First Elite Capital Modaraba has reported a loss after taxation of Rs2.63 million for the quarter ended September 30, 2026, compared with a loss of Rs1.93 million in the corresponding period last year, according to its latest financial statements submitted to the Pakistan Stock Exchange (PSX).

The financial results were announced by Crescent Modaraba Management Company Limited, the manager of First Elite Capital Modaraba, following a board meeting held on October 22, 2026, in Lahore.

Revenue Declines During the Quarter

First Elite Capital Modaraba recorded total income of Rs10.00 million during the quarter under review, down from Rs11.38 million in the same period of the previous year.

Income from ijarah financing, the company’s principal source of revenue, declined to Rs9.48 million from Rs10.81 million a year earlier. The company also recorded investment returns of Rs235,086, compared with Rs373,911 in the corresponding quarter of 2025.

Other income, however, increased to Rs292,801 from Rs120,145, providing some support to overall revenue.

Expenses Put Pressure on Financial Performance

Total expenses stood at Rs12.51 million for the quarter, compared with Rs13.17 million in the same period last year. Despite the decline in overall expenses, the company reported a higher operating loss of Rs2.50 million against Rs1.78 million a year earlier.

Administrative and general expenses increased to Rs4.67 million from Rs4.26 million. Meanwhile, depreciation of assets leased under ijarah contracts decreased to Rs7.21 million from Rs8.36 million.

The company also recorded a fair value loss of Rs627,013 on investments measured at fair value through profit or loss, which contributed to the quarter’s financial performance.

After accounting for the levy, the loss after taxation reached Rs2.63 million, compared with Rs1.93 million in the corresponding period last year. Loss per certificate increased to Rs0.23 from Rs0.17.

Asset Position Remains Above Rs237 Million

As of September 30, 2026, First Elite Capital Modaraba reported total assets of Rs237.71 million, compared with Rs236.36 million at June 30, 2026.

Current assets increased to Rs48.91 million from Rs43.88 million at the end of the previous financial year. Short-term investments stood at Rs10.44 million, while investments in mutual funds amounted to Rs5.07 million. Cash and bank balances were recorded at Rs17.87 million.

Non-current assets totalled Rs188.80 million, including Rs118.57 million in assets leased under ijarah contracts and investment property valued at Rs65.82 million.

Total liabilities increased to Rs103.83 million from Rs99.54 million at June 30, 2026. Consequently, net assets declined to Rs133.88 million from Rs136.82 million.

Cash Position and Comprehensive Loss

The company’s cash and cash equivalents declined to Rs17.87 million at the end of September 2026 from Rs23.52 million at June 30, 2026.

The cash flow statement showed that net cash generated from or used in operating activities was negative Rs5.65 million during the quarter, compared with a positive Rs10.30 million in the corresponding period last year.

In addition to the after-tax loss, the company recorded a negative change of Rs442,360 in the fair value of short-term investments. As a result, total comprehensive loss stood at Rs3.07 million, compared with total comprehensive income of Rs617,994 in the same quarter last year.

No Dividend Announced

The board did not recommend any cash dividend, bonus certificates, right certificates or other corporate action for the quarter ended September 30, 2026. The company also reported no other price-sensitive information in its filing.

Crescent Modaraba Management Company Limited stated that the quarterly report would be submitted separately through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the prescribed timeframe.

Outlook

First Elite Capital Modaraba’s latest results highlight the pressure created by lower income from ijarah financing and continued operating losses. Although total assets increased slightly compared with June 2026, the decline in net assets and cash balances remains relevant to investors assessing the company’s financial position.

Investors will likely monitor future results for signs of improvement in financing income, expense management, cash generation and overall profitability. The company’s subsequent financial disclosures should provide further insight into its operating performance and financial position.