Agha Steel posts Rs1.8bn loss as revenue drops 46%

MG News | October 29, 2024 at 03:31 PM GMT+05:00

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October 29, 2024 (MLN): Agha Steel Ind.Ltd (PSX: AGHA) suffered a massive loss of Rs1.81bn [LPS: Rs3] in contrast to the profit of Rs125.24m [EPS: Rs 0.21] achieved in the same period last year (SPLY).

According to the results, the company's revenue dropped 45.84% to Rs2.85bn in Q3 CY24.

The cost of sales fell by 24.1%, but with sales declining by a significantly higher margin, the company incurred a gross loss of Rs223.65m in Q3 CY24.

During the period under review, other income contracted by 60.3% to stand at Rs42.36m in Q3 CY24 as compared to Rs106.73m in SPLY.

On the expense side, the company took a hit as its administration expenses rose 186.6% YoY to Rs188.2m, and other operating expenses increased 2778.6% YoY to Rs289.67m.

Conversely, distribution and selling expenses fell 33.9% YoY to Rs84.14m

The company’s finance cost soared by 19.7% and stood at Rs1.14bn as compared to Rs952.16m in SPLY, mainly due to higher interest rates.

On the tax front, the company received a tax credit of Rs68.12m against the Rs35.55m paid in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	2,845,189	5,253,081	-45.84%
Cost of sales	(3,068,843)	(4,043,883)	-24.11%
Gross Profit/ (loss)	(223,654)	1,209,198	-
Administration expenses	(188,197)	(65,677)	186.55%
Distribution and selling expenses	(84,139)	(127,237)	-33.87%
Other Income	42,357	106,730	-60.31%
Other Operating Expenses	(289,671)	(10,063)	2778.57%
Financial (charges) / income	(1,139,667)	(952,164)	19.69%
Profit/ (loss) before taxation	(1,882,971)	160,787	-
Final tax / levies	68,121	(35,549)	-
Net profit/ (loss) for the period	(1,814,850)	125,238	-
Basic earnings/ (loss) per share	(3.00)	0.21	-

Amount in thousand except for EPS

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