First Capital Securities : Transmission of Quarterly Report foe the Period Ended 2022-12-31

FIRST CAPITAL SECURITIES CORPORATION LIMITED

CONDENSED UN CONSOLIDATED

FINANCIAL STATEMENTS AS AT DECEMBER 31, 2022

• CONDENSED INERIM STATEMENT OF FINANCIAL POSITION
• CONDENSED INERIM STATEMENT OF PROFIT OR LOSS
• CONDENSED INERIM STATEMENT OF COMPREHENSIVE INCOME
• CONDENSED INERIM STATEMENT OF CASH FLOWS
• CONDENSED INERIM STATEMENT OF CHANGES IN EQUITY
• CONDENSED INERIM NOTES TO THE FINANCIAL STATEMENTS

	First Capital Securities Corporation Limited
	Company Information
Board of Directors
Shehrbano Taseer (Chairman)	Non-Executive
Aamna Taseer	(CEO)	Executive
Shahbaz Ali Taseer		Non-Executive
Shehryar Ali Taseer		Non-Executive
Naeem Akhtar		Non-Executive
Mustafa Mujeeb Chaudhry	Independent
Umair Fakhar Alam		Independent
Chief Financial Officer	Saeed Iqbal
Audit Committee		Umair Fakhar Alam (Chairman)
		Shehrbano Taseer (Member)
		Naeem Akhtar (Member)
Human Resource and Remuneration (HR&R)	Umair Fakhar Alam (Chairman)
Committee		Aamna Taseer (Member)
		Shehrbano Taseer (Member)
Company Secretary	Sajjad Ahmad
Auditors		Nasir Javaid Maqsood Imran
		Chartered Accountants
Legal Advisers		M/s. Ibrahim and Ibrahim
		Barristers and Corporate Consultants
		Lahore
Bankers		Allied Bank Limited
		Faysal Bank Limited
		MCB Bank Limited
		Soneri Bank Limited
Registrar and Shares Transfer Office	Corplink (Pvt.) Limited
		Wings Arcade, 1-K
		Commercial Model Town
		Lahore
		Tel: [phone]
Registered Office		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 six months ended 31 December 2022.

Operational Results

The operating results of the Company are summarized as follows:

Financial Overview	31 December 2022	31 December 2021
	Rupees	Rupees
Unrealized loss on investments	(6,113,428)	(111,894,411)
Operating expenses	4,699,084	3,298,838
Operating loss	(10,812,512)	(49,954,278)
Finance and other costs	143,742,181	165,618,907
Loss after taxation	(148,459,800)	(219,115,486)
Loss per share (basic and diluted)	(0.46)	(0.69)

The Company reported after tax loss of Rs. 148.46 million as compared to Rs. 219.12 million in the corresponding quarter of last year primarily due to an unrealized loss of Rs. 6.11 million on investments. Operating expenses incurred at Rs.4.70 million in comparison with Rs. 3.30 million in same period of last year. On net basis, per share loss of the Company has arrived at Rs.0.46 in comparison with Rs. 0.69 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 8.22 million in 1HFY22 as compare to Rs. 63.97 million in 1HFY22. Due to discontinuation of operations, the brokerage income of FCEL is NIL in both periods. Further, FCEL 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. 6.83 million. Operating expenses decreased 15% during the period under review.

Lanka Securities (Pvt.) Limited ("LSL") generated a total revenue LKR. 202.40 million, and reported a net profit of LKR. 82.72 million during the half year which translates into an EPS of LKR. 4.73.

First Capital Investments Limited ("FCIL") reported loss after taxation of Rs. 0.96 million (LPS: 0.046) as compared to loss of Rs. 14.07 million (LPS: 0.67) in the corresponding period last year, mainly attributed to unrealized loss on re-measurement of investments of Rs. 2.31 million during the period under review. Unrealized loss on re-measurement of investments is subjected to negative return of stock market (KSE-100 index). The KSE -100 Index recorded a return of - 2.70% during the first half of FY-2022. Asset Management Fee has decreased to Rs. 0.98 million from Rs. 1.20 million in the corresponding period last year.

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