Agha Steel posts Rs1.8bn loss as revenue drops 46%
MG News | October 29, 2024 at 03:31 PM GMT+05:00
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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