First Equity Modaraba reported stand-alone and consolidated earnings results for the quarter ended September 30, 2016. For the period, on stand-alone basis, income was PKR 8,635,473 against PKR 7,902,543 a year ago. Profit for the period was PKR 3,532,475 or PKR 0.067 per earnings certificate against PKR 2,775,438 or PKR 0.053 per earnings certificate a year ago. For the period, on consolidated basis, income was PKR 9,427,578 against PKR 33,038,741 a year ago. Operating loss was PKR 6,803,436 against income of PKR 18,772,874 a year ago. Loss before taxation was PKR 20,812,728 against profit of PKR 5,427,506 a year ago. Loss for the period was PKR 26,429,316 or PKR 0.504 per loss certificate against PKR 11,501,603 or PKR 0.219 per earnings certificate a year ago.