KARACHI, Jan 20: First Grindlays Modaraba earned an operating income of Rs 552 million in July-December 2002 up from Rs 518 million in a year-ago period.

A press release says that net profit of the modaraba also rose to Rs 86 million from Rs 77 million. The non-performing portfolio reduced from Rs 73.8 million to Rs 64.3 million.

The release that the modaraba raised Rs 414 million worth of medium term funds through certificates of musharika. “The growth and success of COMs continue to add strength to the business.”

First Grindlays modaraba continues to maintain the highest modaraba financial strength rating of A2 by Pakistan Credit Rating Agency. The rating represents a modaraba in outstanding financial condition with a consistent record of above average performance.