Pia Holding Company Limited Class APSX: PIAHCLA

Transmission of quarterly report for the period ended june 30, 2024

· Issued by Pia Holding Company Limited Class A

FORM—8

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building

Stock Exchange Road Karachi.

CS/PIAHCL/PSX/HYR-24/25

May 02, 2025

TRANSMISSION OF UARTERLY REPORT FOR TTIE PERIOD ENDED JUNE 30, 2024

Dear Sir,

  1. We have to inform you that the Quarterly Report of the Company for the period ended .Iune 30, 2024 has been transmitted through PUCARS and is also available on Company’s website.

  2. You may please inform the TRE Certificate Holders of the Exchange accordingly.

Yours truly,

Rao Muhammad Imran

Company Secretary

Registered Add ress: 4'^ Floor, PIA Building, 49-AKM Fazal-e-Haq Road, Blue Area, Islamabad Liaison Office Address: Company Secretary, 1st Floor, Executive Corridor, PIA Head Office, I4arachi-Airport

HALF YEARLY

REPORT

2024

VISION / MISSION

  1. CORPORAPTREOFILE

  2. DIRECTORRSEPORT

  3. AUDITORSREVIEW REPORT

06

UNCONSOLIDATED FINANCIAL STATEMENTS

23

CONSOLIDATED FINANCIAL STATEMENTS

To manage the entrusted responsibilities efficiently and systematically, with a focus on strong corporate governance. We aim to make informed decisions on financial matters and assets management, in compliance with statutory and regulatory framework, ensuring accountability and excellence.

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Integrating and managing business segments, subsidiaries, and associates alongside their assets and liabilities.

Organizational Efficiency:

Creating a lean and efficient structure to effectively manage allocated shares, liabilities, including restructured debt stock, SOE payables and subsidiary proceeds.

Asset Management:

Maintaining and disposing off properties in line with the established procedures.

SharRd-services Provision:

Providing shared and value-added services to third parties.

CORPORATE PROFILE

as at April 24, 2025

Chairman

Lt Gen (Retd) kluhammad Ali HI(M)

Federal Secretary Defence

Mr lmdad Ullah Bosal

Federal Secretary Finance

Ir Shazad Dada Mr Naeem Iqsal Mr Yousaf Khosa Mr Javed Kureishi

6yed Zibber lohiuddin

lr Asad Rasool

Chief Executive 0If<>

Mr Hammad 6hamimi

Federal Secreta/ Privatisation

Mr Shazad Dada Craina

Mr Javed Kureishi Member

Mr Imdad Ullah Bosal Member 6yed Zibber Igohiuddin Member

lr Yousaf Khosa Chairman

lr ¥aeem lqbal Member

Mr Asad Rasool Member

Chief ExeaJtive Oliver

lr Asad Rasool

lr Athar Hussain

Chief Human Resource Officer

6yed Qamar Maqbool

General Manager Ccordinaton / Asset Flanagement

Igr Hasnat Ahmed Ali

General Manager Accounting 8 Finance

.›. ' ’

Grant Thornton Anjum Rahman

{Chartered Accountants)

klr Haroon Rasheed Abbasi Yhe Bank of Punjab

National Bank of Pakistan

National Bank of Pakistan (Bahrain) MCB Islamic Bank Limited

* Tfi,{' '

CDC” 6har s’“Regi ar *6e cee*Limited

(CDCSRSLj

CDC House, 99-8, Block-8, Sindhi Muslim

Cooperative Housing Socefy Main Shahrah-e-

-aisal. Karachi-74400. Pakistan.

Phone {Toll-Free) 0800-CDCPL (23275) Tel. 0092-21-111111500

Fax 0092-21-34326053

Email. info@cdcsrsl.com Website: +',', v,’ -.d-.srs| am

Registered Address Company Secretary - PIAHCL

4th Floor, PIA Buiiding, 49-AKM -azal-e-Haq Road, Blue Area, Islamabad, Pakistan

Liaison Office Add£gsG Company Secretary - PIAHCL

1st F-loor, Executive C0fndor, PIA Head Office, Karachi-Airport, Pakistan

Pakistan IntgMational Airlines Corporation Limited (PIACL)

PIA Investments Limited (PIAIL) Skyrooms (Private) Limited (SRL)

Sabre Travel Network Pakistan (Private)

Limited

DIRECTORS'REPORT

FOR THE S/XU0NFHS PERIOD ENDED JUNE 30, 2024

On behalf of the Board of Directors of PIAHoIding Company Limited (PIAHCL), we are pleased to present be perfomance report along Cth|he financial statements for the period May 01, 2024, till June 30, 2024.

Dunng the reported peñod of fwo months, be Company earned a revenue of PKR 16 millon, whereas be reported expenses of PKR 984 million pnmarily relate to retirement benefits disbursed to retired employees ol Pakistan Jntemational Airlines Corporation Limited {PIACL) and the finance cost of PKR 3,078 million pertains to interest accrued on government loans. These liabilites were assumed by the Company pursuant to the approved Scheme of Arrangement (SOA) and hence are being supported trough financial assistance ffom the Government of Pakistan. This translated into a loss of PKR 4,@6 million for the reported period.

The location of PIAHCL mans a significant step in the Govemmwt's ongoing privatizaton initiative 1or PIACL. This restructuring of PIACL aims to streamline ib operations, attract s0ategic investment, and enhance overall service delivery. Through a targeted corporate and financial reorganization, PIAHCL is now positioned to provide strategic oversight, enabling PIACL to remain focused on core airline operators. This structural delineation between core and non-core functions is expected to date operational synergies, optimize resource allocaton, and improve Eng-term financial performance of PIACL.

Under lhe new sbucture, a portfolio of diversifod subsidiaries has been transferred to PIAHCL, including PIA Investments Limited, Skyrooms Private Limited and Sabre Travel Network Pakistan {Private) Limited. PIA lnvescents Limited and Skyrooms Private Limited focus on hospitality services, while Sada Travel Network Pakistan provides Havel and tourism solutions, collectively enhancing group synergies and shareholder value. Additionally, Precision Engineering Complex {PEC), formerly a strategy business unrt of PIACL, is also part of PIAHCL.

Going forward, the Management of PIAHCL is committed to strengbening revenue streams trough leasing of its real-estate portfolio, dividend income and management fees Lom subsidiaries while aiming to retire6 liabilities from be privatization proceeds ol PIACL an0 other assets.

PIAHCL's establishment rejects a praactive governance approach designed to create long-tern stakeholder value, improve financial sustainability, and respond more effectively to changing market dynamics and customer expectations in a highly competitive environment.

Aaad Raaool

Chief Executive Officer

Tariq Bajwa

Chairman

AUDITORS' REVIEW REPORT

GrantThornton

¥NOEPERDEMT AU•IT•Ft8’ REVIEW RET

To the members of PIA Holding Company Mml+ed

Repon ou miaw •t uncoraolldstad cendeneed interim financial eiatememe

it G3•d - .

Moda In Motors He's,

InCoduc9on

We nave reviewed iha accompanying unconaolidaied condensed iraeñm st•i•m•nf or Wnaai poaâion of Plc raiding Cwpany Limit•a ‹e< Cogent) es st 30 June 202a a•o w related unconsolidated condensed a›terim eIaIem•nt of profit or loss. unconsglogted condensed interim elatement of comgrehensfie income, unceneoldafed conned interim statement of ceeh flows. unceneoidated cWansed interim statement of ohms n equ/ ad sea io die wanaalkIatd condentad inIwim'6nmciaI $tNements for W period Liam 01 Mgr @24 to 30 Jura 2o2c w'n-alter referred aa ita "condensed inarim Inenaa ctetements”). Managerranf Ie reapona@a ror aha preparatlon erm presenMon ofihis interim finanoet staIerra• te in ecoordsnce wñh approved eccounling etandarda

gg agpIi@bI6 n Pak¥W fOr i nm fiWnOa rB . Our msponai@kty e tie @@@8 8 YOUR OD a In m

we coneucleo our rw•ew In accordance «th intemationei Standard on Review Engagerranle 2*t0, ”Ra*ew or

financial alatemenB canaots ef maUrtg Inguiws. prmanty at peraon a reapona@a For finanoal and accounbng

matters. er›d apn*ring analyses and aim rev!ew procedures. x rev›aw is subsiantiaily less in scope than an audlt

condWgd IN 8 f0BfiC6 Uh In{ernafi9W ndafd4 OD Aud‹'ng 8@ 00N@gUC0/ Noe9 nOt 6nB@e US Tg obtBin

assurance mat we Paulo becomo state of all yignIioant mallets it›et m+ght be IdenUfied m an eud*. Accordingg,

gasgd on new. nothlng nas come to or a@ntion that muses us to bMMe rhat the 8ocornparrying

u c9negldaW cond•nse0 held WanClal slternem W g£ 2g dna 2024 i¥ not prepaf¥d, ^ 6T mat0rIaI ^B '

in aocordar•ah a/›ero ed ascounnng standaro+ as ap icaoie in Pa«sw ibr ›nie•m nnancw repenin9

GrantThornton

M• draw sllention to rW 1.7 to z e uncoziaolideW condenead interim financél e&temerits whig stetes th& ttte uovammant of Pakisun has crrairmed to extent maximum «nanciai suppon to Ine company io ma'main its gong can status. Hence. W Sugwlbalty of the hture n$ of Ihe C•mp•ny is dependent a be eaid support Our conclusion Is not moolfied n respect of toils matter.

Yne engagement careers on the review resuIr*g In this ‹ndependent eudkors” Revd report I4 Muhemrned KhaTld

Ohanmed Accounmn z

PWme: Ramcht

UDIN: RRZ0g41g1M8WW8OeJ5

UNCONSOLIDATED

STATEMENTS

E'IA HCiL0'mG COMPAN Y LIMITE 0

UNCONS OLIOATEO CONOENSE 0 iNTERTM SEAT EMENT OF FNANCTAL PDSITTDN (UN•AUOITED)

Af2 AT 50 JUNE 2074

AGStTS

NON-CUR REN T ASSETS

Long Ie •m loan to subs idmries

CURRENT ASGETS

E'tr:res Bnd spares Trgr'e debts Advances

Traoe depc site amd snon-lerm pregayrnents Otner feceivahles.

Bank naiances • current account TOTAL ASSEIs

E QUTTY AHO LABILITIE£

SHARE CAPITAL AND RESERVES

h are cap tal

Reserves

Note

8

9

Y0,608, BB3

154,445

1.198,05S

39.A63

1 3

10

1 *

1 3

12

HON CURRENT LIABLtTTE S

Lcn§ term nan l»g

Lu' ¿-:ern advance from oLbsidiane g

CURREHT LIABTLTTtE 8

Ttade and otner payables

Aco'ued interest

Sien-te m borrow' ngs

COC TINGENCIES

1”)

14

16

17

1B

7 1 4

4 1

388,738,3S3

Tne annexed note6 fr0m 1 to z< form ar ineg iaT part of he Se un:c n validated condenser inter im li NBncia sc'eme Is

Icgr

of xec utive OffIcar

0ireuto r

PIA HOLDTHG CDMPANY LIMITED

UNOONBOLtOATEO OONDEMSEO It'ITERIM STATEMENT OF PROFIT OR LOSS {UN-AUOITGD

FOR TFIE PGRtOD FROfgt 01 MAY 2024 TC' 30 JUNE 2024

Note

Gencral ar.d administrative exp en ses

Olher incc'ma

Finance costs

1B

20

{9Z3,787}

{5,t58

Lobe befere wxation

14,045,825]

Taxation

Net Tags for the period

Loss per shara - basic and dllumd Loss attributable to:

'A' 4ass ordinary sna es o/ I4s. 10/• ea:h

’8” class ordinary shares of is. N• each

The annexed notes from 1 zo 24 form an ir.leg ai pan o• these unconsoidated condensed interim finar+cial statements.

hlef G xecutiye Officer

Director

PIA FOLDING 0OMPWY LIMITED

UNCON&OMDATED CONDENSED TN7ERM STATEMENT OF COMRRE HENS f E INCOME (UN-AUDITED]

FOfi THE PE@OD FROM 01 MAY 2034 TO 30 JUNE 20Z4

Het loss io‹ the pe‹Iod

Dtner compreWhwve incense

lotel cempre hensive Toss for the period

t4,045,825}

the annexed nQ{eg fylm 1 to 2•t form an inlagral pm of Mesa unconsolidated conden'sed interim finar›cieI statements.

Chlet Financial QTTco‹

Chief Executlw Officer

Director

PIA NJ0L DUG CO fdPANY LIMt TEO

" " ' " y'

o la I ie so nYcs Tata I r q iri ty

Ballncr a s aI I'd Ju we YD2 4

PIA HOLDIHG COMPANY UMIT EO

MNCONSOLIOATED CONDENSED INTERM STATEMENT OF CASH FLOWG (MN-AUDIT E@}

FOR THE PERIOD FROM 01 NAY 2024 TD 30 JUNE 2024

CASH FLOWS FROM OE'E9AYfNG ACTIVITIES

Adjustmer+ta for• Oeprec aeon Pinarce costs

Woykl ng CapJtal Changes: O/er •eceivañles

T’ede and ether payable s

Doc ease in cash'Bnd cash equivaienis during the oeriod

Casn and caste eqaivafonts acquired under the Ccheme

Cash ane casn equivalents et eno of the er od

(2,007)

Cha annexed nces from 1 to 2*i form en n egra! pan of these uncTsoli:da:ec condenser inte'im financial statements

Chief Financial flicer

PIA H INO COMPA¥tY LIMtTEO

ROzzs TO THE UMC•N8OtJDATED COkDEfi8zo »r+eeio mcs szcTEMEt4T8 (UN-AUBTEo)

roe w esne›o reoua uaYzaz< zo ao June 9az¥

PIA Holding Company Limitad {be Coñlpanyl was inch+o‹rated in PM under tne Company's Ao, 2017 (ltte Ae0 es a pub!ñ Timi$nd comgprry on 21 March 2024 and Ti6ted wi Pakistan Stock GW8ng6 on 27 May 2024 The Catered of of the Company is éuated gT PIA Buioég. 4g-PM Gazaf-e-Haq Road. Blue Araa. Is/amebsd The pnncipal acuvtty of the Company ‹s to act as lhe holdng company of la subsidiaries end essooees.

1.2 During irie penod, the Company IroJrred a net loss of Rs 's.045.82a mrion end es of the reIx•t=g dete. Ihe currant iiabilrtias aY we Compo›y exceeded io cunsnt aeeels by Rs. 2g7,438.g94 mITie. However. the management nas made an assesmrd he C‹r»psny‘s ebJity to anunue xs a going co‹vem aroelhat tha susuinaoilily or the future operations of the Company is dependent on Ite support of the Governmeni of Pak (GoPj therefore. no matenai uncertainly exica and going ancem basis of accouneng e appropriate.

rd!ngIy, these unconsoiidated condensed interim finanaei statement we prepared on a gdng baaia.

in eccadence in the scene at Arrangement ‹6 . i’ •m intamaaonai riinn Col>orar•n cc«iieo ‹Piacr comp+eied a bue•nees restruouring exercise etlar obtaining agprovai from me P/1vedzañm Conx»isñon {PC). dong W@ legal and regulatory ap/xovsIs. Yhe ef/actve dgte of W SOA wee 30 Apnl 2@4 end with effect fr‹xn said dies dw en&e s cre/t‹xdmg of RACL was oartsWed la eve Cor izerty nrs•f PzACc zae+e rr v/I' owned subaiaary of ite Company. As e result of It›e resttuctunng ol tta PiACL°s business. certain sssea and liobilitin were 0ansfi•treo @ W Company. The d'eteiT$ of atsea and IiaIsIliIeg Bf8fre0 to be Amp•ny and its oonseguenbal await on tha resewee of the Company aS of TO II @24 pra e$ fogs-

Long-tenninv‹monenB

Long•temlo&ptomUbSi ghe$

Trade deposits and short-term prapeymenis

MABILITtE8

Lorlg•erm licencing

Lo+tg-term advance from subsidiaries

neY resets (trancferrca jo reaarvea unaer the seher•+I

Further, M a dance with SOA. the shale caps of PIACL wg9 extingiJi6 ed and bqn9lezrad IO The ComDBny

w came nes been beatad as iwesneni n Piece in w booxs of accounts oi we c xn;any.

PIA FI0€£XI IG COMRMY LIMITED

aor«s to are uNcouaoLioxwD conoEeszo ejTEniu I°iuauczsL srczeusuzs ‹ux-nowol

roa we rcnioo reo«s o1 MAv zea* zo ao JuHE loss

Tnese unconeoidated condensed intenm lyianoal stctarnants have been prepared n eocordance •an e•a accountlng end reponng etanddrds as a in Paki4Nn Ibr interim finanoal rapattng. The accounbng BPO reportng ctandW appI*cabe In Paxl•ae for interim finmaal reporting compose d lntemeilonal Accouneng Stuiderd (IASI - 3* 'Intefim Finanaai Regaling'. issued by me Intematlonal Accounâng 9landaros Board (IA9B) as noteed undar the Act and pro•isi‹xis of and orecoves issued under the Ao. Where the povisi‹rre of end os

issued under W Act differ tth the requiremgn& of IAS '4, the pr0yi6iwg of and oireaives issued under Ihe Aa

havg beon followad.

3.1 Thasa uncorisdioated condense mm li encJal statements do not induoa all me infowiation and dlsdocures

Tnese unconsolzlated condensed interim fine ciol statements are presented In Pakistan Rupee6 which i$ gT$g The party's funcâonel cUrre gold eel finenaal information #fe600W is been molded' 9g' to the aerast thousand ruooee. unlaeB other tae abated

8IONIFIDAt'IT ACc0'UMYTM0 G87IMATGS AND JUDEMENT8

The prepsralion of cofkiated condensed inform finenaar statements i’f1 conform kr on approved ecoounong standards requires th• u+a of certain crlI munting es6mates. It abo Maguires menegerrent to exerose its judgements in the process of apglysng W Ohm s ac‹xrunIing po/kJes. Estimates and judgements ara conilnuMy evaluated and av besed wi i•etoncei axAerier •e and other factors, znch,ldirlg gxped8tias of kW evanln ihat are believed to be reeeone !e under Ir›e oraxnstances. Reveons e account i estimates ae wcognñed In be yeaf in whig thy egbmates is revbed end in any fuTuze effective. SigniWnt a souNlng esbnaies and judgements ere discoeed in we relevant rates io these unconcoikieted condensed inta/1m finanoat

Ouring the penod. the Company r›as adopted Ihe following accaunting pdklos for lie pre on of tha>a financial

Land dashed as 'othars' are elnted at most. Theresa Things dassiIed as 'others' are eleted BT cost less accumu@gd dciv and muWd impairment losses, If any. Leaeehdd land md bu@ing4 mean sre niI›aey reoognized at cos and are subeeqwnlly +ceasurea tt revalued amounts less aocumule depreaalion and impa›rmenl Irsaes, it any. othar as of progeny, planc and esuoment see slated at coa less accumulated depraoe#on and Tpatm1•enTd •ges, if any.

Oepraoeaon is marged to the aa‹ament of profit or lacs, apptpns be sbanht-line metnod DeprecJalton on addu!ens s cherg•d from be And m which xc e••ac a evaaabia for we end on dispaogTs up to W n1'on{h pneoeding the disposal The USWI Use oI buildings oi revaluetion m0del ae determlned by the mancgnmant based on tha eppraisai of an independent valuer. The essels' residual values, useful lies and methods of d atia ere revlev ed. end adjusted. d egpogriate, at the emu of aach repor#ng period.

expeCted Tom its use or dix I. Any gain ac losg seizing or deneoogn#iw of th• «s l •! • ••

aiffe‹enoe between the na dispoeaj prrand the carrylng amount of the aeeet› is induded in Ihe statement of

profit e IosB in the year the eawl a derecop4ze0, When Sued essote are egld or retired from opera, W

PIAHOLDINO COAtPMY MMITEO

fJDTE0 O TUG uMCONSOIJDATED O0d¥DEN8ED INIBRTM FINANCIAL 8TAWMENT8 UOIYSD)

FOR THE PEBROD ra'DU & ¥gA ' ¥o 4 TO 30 JUNE @@

The ca«yng vaues or . pm and equlpment eve e•+a at mn«s date w mpame•t +e• events or changes ‹n circumstancee ndicste th•t the carrying values may rat b• recoverable. If k›diz 6on oleh end where the Eng yalue8 exoeed the e6éma$ed rec9vereb'Ie amo• nts. W aaea s gre Otley dowo o

Air recoveraW mUz4g.

Property held f‹x rantal earning or capital apg @n or both, ia c!aa8ifiad aa fitment property. These are mgasd niaagy at oost, inoudlng refaed transecson costs d••‹xIy atblbutable a aoquisaion and guoseq en0y usrñed at #ie!c lair venues based on market value dgtarmined by pr0âeaaénu independenl valuers m a oonsung basis Gan or bss arising as a result of f•ir vegan is recorded to statemora of proR or ioes.

L bzoes la trede credBors and oeer amounD peyabla ae recoensed inIIia8y at lair value pIu• Tiredly altribulebie

They w inztiglg recognized gt fair v8lue of the n received Ie9g drectly Rule b8ñ8ectia aos6

and subeeauenay measueo at anortlsed cost use›g Ice effective kuerest methr<>

sa borroia'ing coele direcoy atltibuteble io Ihe acquoaim, c‹mstruction or production of a quniiMng asset (l.e., m aseet thet necessarily takes e aubatawiel yearof jime io gel raady for its intended uee Or salel a‹e capaeâsed as pan ow cost or eat •sset

RA H0€o>I0 CCI •AfiY M t€TED

N0YS6 TO THg UNCON6DIJDATEO CoH9Et+8E0 FROM FI¥IMCIAL 6TATEMENTB {W•AUDPPED)

FDR TUC PERIOD FROM 01 MAY 20B4 TO 30 JUNE 3034

FlnanaM lnatrutrante

Plnanctat aaeets and flnanctal IIabIIbIee

The perbsUar reoopn Ian «wthoaoopmd for agnikcam Exanclal assets and Ijnanaal liabilities are diecloead in Thg irxlMduel 9tatemeinD g atad wart tham. Financial e8 'eta W de-read Who the contrsdud right @ future caah Lowe from Ge gga8t eqsres or is Wsferred along wP the rid‹ and reward of be eceeL

rinen xi gxbiitas ere de-reoogn men ae• creafao in tne aonaect is a aroea. ca•>' exgi‹ed. my galn or loas m de-renognitlon of he finenaal eeseis and IIab8Ios is tnduded in the elatament proN or loss or

A firandal aseel and e 8nandal iabilxy is offeet and the net amount ie rePxted n he fmenclel stetemants ir the Company has e legeey anforeeable right to aet-oIY1he vanse and also intends eiiter to cet¥e m a net bacls or to renilze w aaset u›d NaIe me iubilky elmidtaneously

e.6 Taxation Currem

The chale lor axrent laxabon is baaed on taxable Income st the curreu rates in eccordenoa with lrTax

Ondln6fice, 2001. 8lnce W Company @a not aemed awry navenw d the psnod. no tax merge Is ra9uircd n

e one as mgnized whan ne Camputy has a legel or oonevudive obllgaéon as a result aha pest went, it is pnXjaNe thgt an outflm of resoumes embodylng ecanomic benoo w!II 0e required to settle the obFgation end a raiacaa eat«nate can ze made at Ife amount of oNigatlon. Prodslene are revlewad at each reI>at'ng dete and az +o retlea current best estimate.

trao 9. Monmary aeaets and iIabXI6es ›n foreign currencies ere translated ct Ite mtas using tha ••ere9e spot rate on eie rep>1x›g date. Owns and kuses on translelion sre taken to Ihe mtemerk of pr‹ ii or Bss. Non-monetary deme that are measured in ier«a of histoñcel cost in a Ioa+gn aJrrency are jrana using the

••chan9e raies aa at the balea of k• Allah ban¥ac or+e. Non•m iteme. measured at Mr vga+e in e fore+gn

currencr. are sanslateo uang ne exchange rales af Ihe dete wh•n ihe feir value was deema<>

NOTEG TO BE UNCONsOLlDATED CDNDENSEO 1htTERtM FTfiAHCIAL STATEMENTS SUN-AUDITED)

OR R 0 RO 2 0 02

3Q June Z02g

Hate (Rupees in '000)

INVESTMENT PROPERTY

Buildings

z,63'.58S

2,0s1,4 z2

T 1

Transferred Tom PIACL

Transferred from property, plani and equipment

LONG-TERM TNVGSTMENTS

Related pales uD6idiaries

msoQate

p akl$tar1 |ntgmat'on$I Alr1JPIE'5 COfgOfdtlOO Limlt d I•Is lwes menu Limited

Skyrooms ‹Pr'vatej Lim‹ted Midway House (Plate) Limiwd

Sabre Travel Network PaXislan tPrivare) Omited Less Pro ›s›on for diminution in value of investment

Tfansferteo com em L

LONG•TERM LOAM TO sUeStDIAR1E9

Conel0ered go0d

mls lnveslmems Lirrate0

Considered doubtful

Less. Provision for mpa‹rrnant

1.3

6 1

1.3

2,332,027

398

ss,761.23t

40,M0’

2s,sz0

sz,34S,121 4,415,712

68.5?2

(68,522]

3,910,769

2,91D,769

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