Pakistan Services : Transmission of Quarterly Report for the period ended Septmber 30, 2023

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 30 SEPTEMBER 2023

HUNZA, GILGIT BALTISTAN

Pearl-Continental Hotel, Karachi

PAKISTAN SERVICES LIMITED

CONDENSED INTERIM

FINANCIAL STATEMENTS

(UNAUDITED)

For the three months period ended 30 September 2023

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)	1
For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

VISION STATEMENT

We are committed to dynamic growth and service excellence built upon our heritage of traditional hospitality. We strive to consistently meet and surpass guests', employees' and other stakeholders' expectations. We feel pride in making efforts to position Pakistan in the forefront of the international arena.

MISSION STATEMENT

Secrets to our sustained leadership in hospitality are Excellence and Dynamism through offering competitive and innovative high quality value added services to our guests and business partners.

To meet the challenges of modern business, we constantly upgrade our operations and services in line with latest technological facilities.

As a responsible corporate citizen, maintaining the highest level of governance, ethical standards and prudence.

Keeping close-watch at socio-political environment to make use of all available growth opportunities through aggressive and proactive approach.

Believe in strong and professional workforce by providing challenging and rewarding environment and equal respect to all through creating the sense of participation towards the success of our vision.

2 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

CORPORATE INFORMATION

Pearl Continental Hotels, a chain owned, operated and franchised by Pakistan Services Limited, sets the international standards for quality hotel accommodation across Pakistan and AJ&K and manages 8 luxury hotels in Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad, Hunza, Murree and Malam Jabba, besides one franchised hotel located at Gwadar, comprising total inventory of 1,702 rooms.

BOARD OF DIRECTORS
Mr. Sadruddin Hashwani	Chairman
Mr. Murtaza Hashwani	CEO
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
Mr. M. Ahmed Ghazali Marghoob
Ms. Ayesha Khan
Mr. Rohail Ajmal
Mr. Shahid Hussain
Mr. M. Saleem Ahmed Ranjha
AUDIT COMMITTEE
Mr. Shahid Hussain	Chairman
Mr. M. A. Bawany
Mr. M. Ahmed Ghazali Marghoob
Mr. Rohail Ajmal
HUMAN RESOURCE & REMUNERATION
COMMITTEE
Mr. Rohail Ajmal	Chairman
Mr. Murtaza Hashwani
Mr. M. A. Bawany
Syed Haseeb Amjad Gardezi
Mr. M. Ahmed Ghazali Marghoob
NOMINATION COMMITTEE
Mr. Murtaza Hashwani	Chairman
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
RISK MANAGEMENT COMMITTEE
Mr. Murtaza Hashwani	Chairman
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
Ms. Ayesha Khan
Mr. Rohail Ajmal
CHIEF FINANCIAL OFFICER
Mr. Tahir Mahmood
COMPANY SECRETARY
Mr. Muhammad Amir

AUDITORS

M/s KPMG Taseer Hadi & Co. Chartered Accountants

6th Floor, State Life Building No. 5 Jinnah Avenue, Blue Area Islamabad.

LEGAL ADVISOR

M/s Liaquat Merchant & Associates

BANKERS

National Bank of Pakistan

The Bank of Punjab

Habib Bank Limited

Soneri Bank Limited

United Bank Limited

Askari Bank Limited

JS Bank Limited

Muslim Commercial Bank Limited

Silk Bank Limited

Faysal Bank Limited

Standard Chartered Bank (Pakistan) Limited

Industrial and Commercial Bank of China

Dubai Islamic Bank ( Pakistan) Limited

Meezan Bank Limited

REGISTERED OFFICE

1st Floor, NESPAK House, Sector G-5/2, Islamabad. Tel: [phone] Fax: [phone] http://www.psl.com.pk http://www.pchotels.com http://www.hashoogroup.com

SHARE REGISTRAR

M/s THK Associates (Private) Limited

Plot No. 32-C, Jami Commercial

Street-2, DHA, Phase VII

Karachi

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)	3
For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

Directors' Report

Dear Members,

The Board of Directors of Pakistan Services Limited (PSL) presents the condensed interim financial statements of the Company for the three months period ended 30 September 2023.

Economic Overview

The earlier prevailing uncertainty in wake of Russia's & Ukraine war has been now taken another twist in wake of current battle being fought between Israel and Hamas and it seems it may take longer amidst power wrangling of international stake holders causing major commodity crises and it feared that Gaza war could make geopolitical tensions matters worse. Both conflicts has caused fuel prices to rise worldwide.

The Pakistan economy is facing the challenges and passing through ongoing economic crisis and political unrest is major cause of the same, the high markup cost coupled with depreciation in currency besides high cost of energy and power has halted the new investments and expansion.

The approval of the International Monetary Fund (IMF) Stand-By Arrangement (SBA) in July 2023 unlocked new external financing and averted a balance of payments crisis. This SBA-supported program will provide a policy anchor for addressing domestic and external imbalances and a framework for financial support from multilateral and bilateral partners.

Overall performance of the Company

During the period, the Company recorded revenue (net) of Rs. 3,555 million, as compared to Rs. 3,152 million registered in the corresponding period of the last year whereas the gross profit for the period is Rs. 1,425 million as compared to Rs. 1,130 million of comparative period of the last year. The profit before tax is Rs. 75 million as compared to loss of Rs. 90 million in the corresponding period of last year.

Highlights of Performance:

	For the three months'
	period ended 30 September
	2023			2022
	(Rupees million)
Sales and Services - net	3,555			3,152
Gross profit	1,425			1,130
Profit / (loss) before taxation	75			(90)
Profit/ (loss) after taxation	61			(152)
Earnings/ (loss) per share (Rupees)	1.89			(4.67)

Performance of Rooms Department

During the period Rooms Revenue was recorded at Rs. 1,846 million as against Rs. 1,500 million of the corresponding period of last year.

4 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

Performance of Food & Beverage (F&B) Department

Revenue from this segment has been recorded at Rs. 2,077 million for the period under review as compared to Rs. 1,863 million of the same period last year.

Performance of Other Related Services/License Fee/ Travel and Tour Division

From this segment of the business revenue of Rs. 300 million has been achieved as compared to Rs. 283 million of the comparative period of last year.

Prospects

General elections are expected in the coming months and with the formation of a newly elected government political unrest is likely to disappear and a new stable government must implement new economy plan to stabilize the economy.

Consolidated Results

During the current period, the group recorded a revenue (net) of Rs. 3,605 million as compared to Rs. 3,238 million of the same period last year. Profit after taxation is recorded at Rs. 5 million in comparison with loss of Rs. 225 million of the corresponding period of the previous year.

Acknowledgement

On behalf of the Board, we express our appreciation for the dedication to duty and professional conduct of the employees of the Company, as well as of the shareholders/stakeholders and in particular the Government Authorities for their advice, understanding, and support. We thank the bankers of the Company for the understanding and the cooperation they have extended. Finally, we are thankful to our loyal and confident customers, the combined eforts of all have been instrumental in the sustainable growth of the Company against all odds. Prayers for a peaceful and prosperous Pakistan.

For and on behalf of the Board of Directors,

M.A. Bawany	Shakir Abu Bakar
Director	Director
Islamabad: 30 October 2023

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)	5
For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

2023

2023

1,425

75

2023

2022

3,555	3,152
1,425	1,130
75	(90)
61	(152)

1.89(4.67)

6 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

1,846 1,500

1,863 2,077

283 300

3,238 3,605

5 225

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)	7
For the three months period ended 30 September 2023

PAKISTAN SERVICES LIMITED

8 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2023