Transmission of Quarterly Report for the Period Ended September 30, 2025

Company's Information

Board of Directors

Management

Bankers Tax Advisors Legal Advisors

Auditors Registered Office

https://www.burshane.com

Director's Report

The Directors of your Company are hereby presenting the financial information of the Company for the period ended September 30, 2025.

Financial Performance

During the period under review, the sales volume of the Company at 2,867 MTs, increased by 1,504 MTs (47.54%) compared to the corresponding period due to increase in LPG prices and supply of local LPG from local refinery. Net sales of the Company at Rs. 522.40 million increased by Rs. 258.60 million (98.04%) due to increase in sales volume during the period. The gross margins of the Company at Rs. 30.950 million (5.92% of sales value) was increased by Rs. 15.157 million from last year comparative period.

Administrative expenses increased by Rs. 0.76 million (3.08%) compared to comparative period of previous year, mainly due to increase in travelling expenses; however, distribution & marketing expenses have decreased by Rs. 0.03 million.

Profit before tax of the Company at Rs. 1.44 million, is increased by Rs. 32.618 million from last year comparative period, Financial costs have decreased by Rs. 8.159 million due to decline in KIBOR rates.

The Company's earning per share for the period under review is at Re. 0.06 compared to loss per share of Rs. 1.39 per share in the preceding period.

Material Changes and Commitments

Despite initial compliance with the repayment schedule, the Company has encountered financial constraints, resulting in payment defaults under both facilities. Active engagement with NBP is underway to negotiate a revised restructuring arrangement. To date, the Company has settled Rs. 168.78 million comprising both principal and mark-up through internal working capital allocations. The Company's sponsors continue to extend financial and strategic support to ensure operational continuity and fulfillment of external obligations.

A complaint was filed by the Directorate of Investigation and Intelligence (Inland Revenue) (I & I - IR) on August 31, 2020, against the Company for alleged Tax evasion of approximately PKR 1.7 billion, with Special Court for Customs, Taxation and (Anti-Smuggling). Based on this complaint the court passed 2 orders against the Company and some of its directors. The orders were pertaining to freezing of Company's 9 bank accounts for 90 days and issuance of Non Bailable Arrest Warrants of its certain Directors. The Company immediately obtained Protective Bail from the High Court and subsequently from the Special Court which was later confirmed. The case is currently pending for hearing. The Company also filed a Constitutional Petition with High Court against the order of the Special Court for freezing of 9 bank accounts. All banks have removed the freeze on Company's accounts on expiry of 90 days.

The Company had received notices under section 177(1) of Income Tax Ordinance, 2001 regarding audit for tax years 2018 and 2019. The Company has replied and submitted relevant details and documents timely through various letters to FBR. The Company has received further notices under section 122(5A) of the Income Tax Ordinance, 2001 demanded income tax liability amounting to Rs. 609.79 million and Rs.

617.30 million for the tax year 2018 and 2019 respectively. An appeal was preferred before the Commissioner Inland Revenue - Appeal (CIR-A) whereby the CIR-A remanded back the case to the concerned Officer Inland Revenue (OIR). Thereafter, remanded back proceeding was initiated by the learned OIR, that culminated on an order under section 124/129 of the Ordinance, whereby the demanded tax liability of Rs.

172.05 million and Rs. 87.75 million for the tax year 2018 and 2019 was created. Being aggrieved, the Company again preferred an appeal before ATIR-I, of which our case for 2018 has been decided in our favour and the entire demand has been deleted. Case hearing for 2019 is currently pending.

Business Ethics

The total number of directors are eight and their composition is as following:

The following Committees continued to function as per the requirements of the law and as directed by the Board.

1. Audit Committee

   Maj. Gen Rafiullah Khan (R)

   Mr. Shaikh Abdus Sami

   Brig. (R) Rashid Siddiqi

   Mr. Muhammad Ali Alam Niazi

   -	Chairman
   -	Member
   -	Member
   -	Member

2. Human Resource and Remuneration Committee

Financial Highlights:

(Rs. in '000)

Following is the appropriation:

On behalf of the Board, we would like to thanks our staff, business partners, customers and all other stakeholders for their continued support in ensuring sustainable growth of the Company and for making Burshane their brand of first choice.

The annexed notes from 1 to 11 form an integral part of these condensed interim unconsolidated financial statements.

DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

7

Earnings / (Loss) per share - basic and diluted 0.06 (1.39)

The annexed notes from 1 to 11 form an integral part of these condensed interim unconsolidated financial statements.

(Loss) / profit for the period 1,444 (31,174)

Other comprehensive income - -

Total comprehensive income for the year 1,444 (31,174)

The annexed notes from 1 to 11 form an integral part of these condensed interim unconsolidated financial statements.

The annexed notes from 1 to 11 form an integral part of these condensed interim unconsolidated financial statements.

-

-

-

-

-

-

-

-

- 1,444 1,444 1,444

- - - -

- - - - - 1,444 1,444 1,444

Balance as at September 30, 2025 224,888 95,828 178,789 (30,177) 244,440 90,000 (200,317) (110,317) 359,011

The annexed notes from 1 to 11 form an integral part of these condensed interim unconsolidated financial statements.

DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

The principal activity of the Company is storing, marketing and trading of Liquefied Petroleum Gas (LPG) throughout Pakistan and trading of Low Pressure Regulators (LPR)

These condensed interim unconsolidated financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for international financial reporting comprise of:

Where provisions of and directives issued under the Act differ with the requirements of IAS 34, the provisions of and directives issued under the Act have been followed.

There were certain amendments to accounting and reporting standards which became effective for the Company for the period. However, these are considered not to be relevant or to have any significant impact on the Company's financial reporting and, therefore, have not been disclosed in these condensed interim unconsolidated financial statements.

The accounting policies adopted in the preparation of this condensed interim unconsolidated financial statements are consistent with those applied in the preparation of the annual financial statements of the Company for the year ended June 30, 2025.

The preparation of these condensed interim financial statements, in conformity with the accounting and reporting standards for interim financial reporting requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates.

During the preparation of these condensed interim financial statements, there have been no changes in the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation and uncertainty from those that were applied to the annual audited financial statements of the Company for the year ended June 30, 2025.

5

Additions (at cost)

Furniture, fittings, electrical and other equipment - 268

Disposals (at written down value)

Furniture, fittings, electrical and other equipment - 5

There has been no significant change in the status of contingencies as disclosed in notes 31.1.2 to 31.1.8 of the annual audited unconsolidated financial statements of the Company for the year ended June 30, 2025.

Post-dated cheques as at September 30, 2025 amounted to Rs. 13.205 million (June 30, 2025: Rs. 15.013 million).

1. MINIMUM TAX DIFFERENTIAL

   This represents minimum tax paid under section 113 of the Income Tax Ordinance (ITO), 2001, representing levy.

2. CASH GENERATED FROM OPERATIONS

   -	(20)
   7,712	15,871
   12,319	13,297
   2,509	2,508
   (16,682)	(8,265)

   Profit / (Loss) before minimum tax differential and income tax 2,750 (30,515) Adjustment for non-cash and other items:

   Gain on disposal of property, plant and equipment Financial charges

   Depreciation Amortization

   Liability for cylinder deposits written back

   5,858 23,391

   Profit / (loss) before working capital changes 8,608 (7,124)

   Working capital changes 8.1 (36,430) 8,664

   (27,822) 1,540

   1. Working capital changes

      Decrease / (increase) in current assets:

      Stores and spares	(735)	(749)
      Stock-in-trade	(5,725)	4,258
      Trade debts	(42,602)	14,528
      Loans and advances	33,269	16,806
      Deposits, prepayments and other receivables	(7,089)	(1,795)
      (Decrease) / increase in current liabilities:	(22,882)	33,048
      Trade and other payables	(13,548)	(24,384)
      	(36,430)	8,664

      9	TRANSACTIONS WITH RELATED PARTIES

      The related parties include the former holding company, subsidiary company, contribution plans, associated companies, other related parties, Directors and other Key Management Personnel. All major transactions with related parties are entered into at agreed terms duly approved by the Board of Directors of the Company.
      Details of transactions during the period and balances at the reporting date with related parties, other than those which have been disclosed elsewhere in these condensed interim unconsolidated financial statements, are as follows:
      (Un-Audited)
      			September 30,	September 30,
      			2025	2024
      	Nature of relationship	Nature of transactions	--------- (Rupees in '000) ---------
      	Transactions with related parties
      	Staff retirement benefit / contribution plans
      	Burshane LPG (Pakistan) Limited Provident Fund	Contribution paid	1,001	1,156
      	Associated Companies
      	Burshane Petroleum (Private) Limited
      	[Formerly Darian International (Private) Limited]	Short term Loan - received	126,000	-
      		Short term Loan - paid	67,000	-
      		Interest expense	7,628	-
      		Interest paid	6,624	-
      	Directors	Short term Loan - received	-	14,800
      		Short term Loan - paid	6,748	9,800
      		Interest expense	298	2,328
      		Interest paid	-	1,328
      	Key management personnel
      		Loan Disbursed	-	271
      		Managerial remuneration	1,629	4,914
      		Retirement benefits	130	267
      		Travelling and conveyance	-	10
      		Medical allowance	118	132
      10	GENERAL
      10.1	These condensed interim unconsolidated financial statements have been rounded to the nearest thousand rupee, unless stated otherwise.
      10.2	Certain corresponding figures have been reclassified for better presentation, however, there are no material reclassifications to disclose.
      11	DATE OF AUTHORISATION FOR ISSUE

      These condensed interim unconsolidated financial statements were authorized for issue on December 04, 2025 by the Board of Directors of the Company.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
      AS AT SEPTEMBER 30, 2025
      		(Un-Audited)		(Audited)
      		September 30,		June 30,
      		2025		2025
      Note --------- (Rupees in '000) ---------
      ASSETS
      NON-CURRENT ASSETS
      Property, plant and equipment	5	865,583		877,384
      Intangible assets		33,675		36,184
      Long-term deposits		3,174		3,174
      		902,432		916,742
      CURRENT ASSETS
      Stores and spares		9,907		9,172
      Stock-in-trade		23,875		18,150
      Trade debts		83,110		40,508
      Loans and advances		1,238		34,507
      Deposits, prepayments and other receivables		38,193		30,963
      Taxation - net		164,952		165,709
      Cash and bank balances		3,411		35,830
      		324,686		334,839
      TOTAL ASSETS		1,227,118		1,251,581
      EQUITY AND LIABILITIES
      SHARE CAPITAL AND RESERVES
      Authorized share capital		900,000		900,000
      Issued, subscribed and paid-up capital		224,888		224,888
      Capital reserves
      Revaluation surplus of property		178,789		178,789
      Other reserves		65,651		65,657
      Revenue reserve		(110,361)		(111,817)
      		358,967		357,517
      NON-CURRENT LIABILITIES
      Long-term loan		-		-
      Lease liabilities		15,648		16,180
      Cylinder and regulator deposits		342,426		355,583
      		358,074		371,763
      CURRENT LIABILITIES
      Trade and other payables		24,240		37,788
      Short-term loan		76,585		67,333
      Short-term borrowings		154,000		154,000
      Unclaimed dividends		83,050		83,050
      Accrued mark-up		70,720		70,648
      Current portion of long-term loan		89,875		97,875
      Current portion of lease liabilities		11,607		11,607
      		510,077		522,301
      TOTAL EQUITY AND LIABILITIES		1,227,118		1,251,581
      CONTINGENCIES AND COMMITMENTS	6

      The annexed notes from 1 to 11 form an integral part of these condensed interim consolidated financial statements.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

      FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

      (Un-Audited)	(Un-Audited)
      September 30,	September 30,
      2025	2024
      --------- (Rupees in '000) ---------

      Sales - net

      Cost of sales

      Gross profit

      Administrative expenses

      Distribution and marketing expenses

      Other income

      Other expenses

      522,396 263,789
      (491,442) (247,992)
      30,954 15,797
      (25,454) (24,694)
      (17,138) (17,461)
      22,856 12,220
      (737) (467)
      (20,473) (30,402)
      10,481 (14,605)
      (7,719) (15,871)
      2,762 (30,476)
      (1,306) (659)
      1,456 (31,135)
      - -
      1,456 (31,135)

      Note

      Operating (loss) / profit

      Financial costs

      (Loss) / profit before minimum tax differential and income tax

      Minimum tax differential 7

      (Loss) / profit before taxation

      Taxation

      (Loss) / profit for the period

      ------------ (In Rupees) ------------

      Earnings per share - basic and diluted 0.06 (1.38)

      The annexed notes from 1 to 11 form an integral part of these condensed interim consolidated financial statements.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

      FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

      (Un-Audited)	(Un-Audited)
      September 30,	September 30,
      2025	2024
      --------- (Rupees in '000) ---------

      Note

      (Loss) / profit for the period 1,487 (31,135) Other comprehensive income - -

      Total comprehensive income for the year 1,487 (31,135)

      The annexed notes from 1 to 11 form an integral part of these condensed interim consolidated financial statements.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED)

      FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

      (Un-Audited)	(Un-Audited)
      September 30,	September 30,
      2025	2024
      --------- (Rupees in '000) ---------

      Note

      CASH FLOWS FROM OPERATING ACTIVITIES

      Cash used in operations

      Taxes paid

      Finance costs paid

      Cylinder and regulator deposits - net

      Net cash flows used in operating activities

      8	(27,810)	1,550
      	(696)	(453)
      	(7,640)	(3,605)
      	3,525	3,488
      	(32,621)	980

      CASH FLOWS FROM INVESTING ACTIVITIES

      Purchases of property, plant and equipment

      Proceeds from property, plant and equipment

      Net cash flows generated from / (used in) investing activities

      (518)

      -

      (518)

      (268)

      25

      (243)

      CASH FLOWS FROM FINANCING ACTIVITIES

      Long-term loan received

      Short-term loan received

      Short-term loan paid

      Payment of lease liabilities

      Net cash flows used in financing activities

      Net decrease in cash and cash equivalents

      Cash and cash equivalents at beginning of the year

      Cash and cash equivalents at end of the year

      (8,000) -
      9,252 14,800
      - (9,800)
      (532) (4,457)
      720 543
      (32,419) 1,280
      (118,170) (149,593)
      (150,589) (148,313)

      Cash and cash equivalents at end of the year comprise of:

      Cash and bank balances

      Short-term borrowings

      3,411 5,687

      (154,000) (154,000)

      (150,589) (148,313)

      (0)

      The annexed notes from 1 to 11 form an integral part of these condensed interim consolidated financial statements.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

      FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

      Capital reserves

      Revenue Reserves

      Issued, subscribed and paid-up capital

      Reserve on amalgamation

      Revaluation surplus of property

      Actuarial loss on remeasurement of retirement and other service benefits

      Sub total

      General Reserve

      Accumulated loss

      Sub total

      Total

      ------------------------------------------------------------------------------------------------------------- ( Rupees in ' 000 ) -------------------------------------------------------------------------------------------------------------

      Balance as at July 01, 2024

      224,888

      95,828

      67,577

      (30,171)

      133,234

      90,000

      (231,445)

      (141,445)

      216,677

      Balance as at September 30, 2024

      224,888 95,828 67,577 (30,171) 133,234

      90,000 (262,580) (172,580)

      Total comprehensive income for the three months period ended September 30, 2024

      Profit for the period Other comprehensive income for the period	- -		- -	- -	- -	- -		- (31,135) - -	(31,135) -		(32,218) -
      	-		-	-	-	-		- (31,135)	(31,135)		(31,135)
      											185,542

      Balance as at July 01, 2025

      224,888

      95,828

      178,789

      (30,171)

      244,446

      90,000

      (201,817)

      (111,817)

      357,517

      Balance as at September 30, 2025

      224,888 95,828 178,789 (30,171) 244,446

      90,000 (200,361) (110,361)

      Total comprehensive income for the three months period ended September 30, 2025

      Profit for the period Other comprehensive income for the period	- -		- -	- -	- -	- -		- 1,456 - -	1,456 -		1,456 -
      	-		-	-	-	-		- 1,456	1,456		1,456
      											358,973

      The annexed notes from 1 to 11 form an integral part of these condensed interim consolidated financial statements.

      DIRECTOR CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

      NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UN-AUDITED)

      FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

      1	LEGAL STATUS AND OPERATIONS OF THE GROUP

      The Group consists of Burshane LPG (Pakistan) Limited (note 1.1) and its subsidiary companies i.e. Burhsane Auto Gas (Private) Limited (note 1.2.1) and Burshane Trading (Private) Limited (note 1.2.2).

      1.1	The Holding Company

      Burshane LPG (Pakistan) Limited (the Holding Company) is a limited liability Company incorporated on October 12, 1966 under the Companies Ordinance,1984 and is listed on the Pakistan Stock Exchange. The registered office of the Company is situated at Suite 101, 1st Floor, Horizon Vista, Commercial Plot No. 10, Block - 4, Scheme No. 5, Clifton, Karachi.

      The principal activity of the Company is storing, marketing and trading of Liquefied Petroleum Gas (LPG) throughout Pakistan and trading of Low Pressure Regulators (LPR)

      The Holding Company was a subsidiary of H.A.K.S. Trading (Private) Limited (HTPL). The major shareholder of HTPL was Mr. Asad Alam Niazi, Chief executive of the Holding Company, with 74.19% shareholding of the ordinary shares while various other shareholders held 25.81% shares. However, consequent to the approval of the scheme of arrangement for amalgamation of HTPL and the Holding Company by the High Court of Sindh (the Court), HTPL was amalgamated with the Holding Company on February 20, 2015.

      1.2	Subsidiary Companies

      1.2.1

      Burshane Auto Gas (Private) Limited (the Subsidiary Company) was incorporated on September 26, 2014 under the repealed Companies Ordinance, 1984, now Companies Act , 2017. The Subsidiary Company will mainly be engaged in opening and managing petrol pumps and Liquefied Petroleum Gas (LPG) outlets. The registered office of the Subsidiary Company is situated at Suit No.101, 1st Floor, Horizon Vista, Commercial - 10, Block 04, Clifton, Karachi. The Subsidiary Company has not commenced its operations and is in the start-up phase. the Holding Company holds 99.99% voting rights and is committed to provide financial support to the Subsidiary Company as and when required.

      1.2.2

      Burshane Trading (Private) Limited (BTPL) was incorporated on October 13, 2014 under the repealed Companies Ordinance, 1984, now Companies Act , 2017, for setting up trading operations particularly in coal and other energy related products. The registered office of BTPL is situated at Suite 101, 1st Floor, Horizon Vista, Plot No. Commercial Block-4, Scheme No. 5, Clifton, Karachi. No share capital has been issued and no transactions were undertaken by BTPL during the year.

      2	BASIS OF PREPARATION

      2.1	Statement of compliance

      These condensed interim consolidated financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for international financial reporting comprise of:

      In order to comply with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting', the condensed interim consolidated statement of financial position has been compared with the balances of annual consolidated financial statements of the immediately preceding financial year, whereas, the condensed interim consolidated statement of profit or loss, condensed interim consolidated statement of comprehensive income, condensed interim consolidated statement of changes in equity and condensed interim consolidated statement of cashflows have been compared with the balances of comparable period of the immediately preceding financial year.

      2.3

      These condensed interim consolidated financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the annual audited consolidated

      financial statements of the Holding Company for the year ended June 30, 2025. These condensed interim consolidated financial statements are un-audited and are being submitted to the shareholders as required by the listing regulations of Pakistan Stock Exchange Limited and section 237 of the Companies Act, 2017.

      2.4	These condensed interim consolidated financial statements have been presented in Pakistani ('Rupees') or 'Rs.', which is the Group's functional and presentation currency.

      2.5	New accounting standards, amendments and interpretations that are not yet effective

      There were certain amendments to accounting and reporting standards which became effective for the Holding Company for the period. However, these are considered not to be relevant or to have any significant impact on the Group's financial reporting and, therefore, have not been disclosed in these condensed interim consolidated financial statements.

      3	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The accounting policies adopted in the preparation of this condensed interim consolidated financial statements are consistent with those applied in the preparation of the annual financial statements of the Holding Company for the year ended June 30, 2025.

      4	ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

      The preparation of these condensed interim consolidated financial statements, in conformity with the accounting and reporting standards for interim financial reporting requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Holding Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates.

      During the preparation of these condensed interim consolidated financial statements, there have been no changes in the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation and uncertainty from those that were applied to the annual audited consolidated financial statements of the Holding Company for the year ended June 30, 2025.

      (Un-Audited)	(Audited)
      September 30,	June 30,
      2025	2025
      --------- (Rupees in '000) ---------

      The Group's financial risk management objective and policies are consistent with those disclosed in the annual consolidated financial statements for the year ended June 30, 2025.

      Note

      5	PROPERTY, PLANT AND EQUIPMENT

      Operating fixed assets

      Right of use assets

      5.1	849,484 858,512
      	16,099 18,872
      	865,583 877,384

      5.1	Additions and disposals to operating fixed assets during the period are as follows:

      (Un-Audited)	(Un-Audited)
      September 30,	September 30,
      2025	2024
      --------- (Rupees in '000) ---------

      Additions (at cost)

      Furniture, fittings, electrical and other equipment - 268

      Disposals (at written down value)

      Furniture, fittings, electrical and other equipment - 5

      1. CONTINGENCIES AND COMMITMENTS
         1. Contingencies

            There has been no significant change in the status of contingencies as disclosed in notes 28.1.1 to 28.1.8 of the annual audited consolidated financial statements of the Holding Company for the year ended June 30, 2025.

         2. Commitments

            Post-dated cheques as at September 30, 2025 amounted to Rs. 13.205 million (June 30, 2025: Rs. 15.013 million).

      2. MINIMUM TAX DIFFERENTIAL

         This represents minimum tax paid under section 113 of the Income Tax Ordinance (ITO), 2001, representing levy.

      3. CASH GENERATED FROM OPERATIONS

         (Loss) / profit before taxation 2,762 (30,476)

         -	(20)
         7,712	15,871
         12,319	13,297
         2,509	2,508
         (16,682)	(8,265)

         Adjustment for non-cash and other items:

         Gain on disposal of property, plant and equipment Financial charges

         Depreciation Amortization

         Liability for cylinder deposits written back

         5,858 23,391

         (Loss) /profit before working capital changes 8,620 (7,085)

         Working capital changes 8.1 (36,430) 8,635

         (27,810) 1,550

         1. Working capital changes

            Decrease / (increase) in current assets:

            Stores and spares	(735)	(749)
            Stock-in-trade	(5,725)	4,258
            Trade debts	(42,602)	14,528
            Loans and advances	33,269	16,806
            Deposits, prepayments and other receivables	(7,089)	(1,826)
            (Decrease) / increase in current liabilities:	(22,882)	33,017
            Trade and other payables	(13,548)	(24,382)
            	(36,430)	8,635

      4. TRANSACTIONS WITH RELATED PARTIES

The related parties include the former holding company, subsidiary company, contribution plans, associated companies, other related parties, Directors and other Key Management Personnel. All major transactions with related parties are entered into at agreed terms duly approved by the Board of Directors of the Holding Company.

Details of transactions during the period and balances at the reporting date with related parties, other than those which have been disclosed elsewhere in these condensed interim consolidated financial statements, are as follows:

1,001 1,156

These condensed interim consolidated financial statements were authorized for issue on December 4, 2025 by the Board of Directors of the Holding Company.