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JSCL reports Rs 4 billion loss

KARACHI: Jahangir Siddiqui & Co. Ltd (JSCL) reported Rs 4.093 billion loss in the first quarter of 2009 against the profit of Rs 5.920 billion company earned in the same period of previous year. The earning per share also turned negative to Rs 5.36 in quarter under review over Rs 7.91 in the corresponding period of last year, financial results of the company announced at Karachi Stock Exchange (KSE) on Wednesday. The huge losses incurred by the company have been attributed to provision for impairment against investment in subsidiaries, associates and joint ventures and that came to Rs 3.967 billion in January-March quarter of current calendar year compared to Rs 2.186 million in the same quarter of previous year. The income on return on investment, gains on sale of investment, fee and commission was also on downward side. However the other incomes and investments at fair value through profits and loss heads posted handsome growth. staff report

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