Agha Steel sees Rs3.1bn loss in Apr-Jun

MG News | September 30, 2024 at 03:46 PM GMT+05:00

0:00

September 30, 2024 (MLN): Agha Steel Industries Limited (PSX: AGHA) incurred a significant net loss of Rs3.05 billion [LPS: Rs5.05] in the quarter ending June 2024 as its sales plunged.

That compares to a profit of Rs199.91 million [EPS: Rs0.33] earned in the same period last year (SPLY). For the full financial year 2023-24, the company posted a net loss of Rs5.09bn compared to a profit of Rs904.9m in FY23.

Going by the quarterly results, the company's sales decreased substantially by 66.9% to Rs1.7bn as compared to Rs5.13bn in SPLY.

The cost of sales also fell 9.6% but was far less than proportionate to sales decline, resulting in a gross loss of Rs1.85bn in Q4 FY24.

The company’s finance cost expanded by 27.1% and stood at Rs1.2bn as compared to Rs946.23m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a tax worth Rs1.92bn, which translates to an effective tax rate of 38.6%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	1,700,355	5,130,185	-66.86%
Cost of sales	(3,552,757)	(3,930,471)	-9.61%
Gross Profit/ (loss)	(1,852,402)	1,199,714	-
Administrative Expenses	(87,912)	(63,106)	39.31%
Selling And Distribution Expenses	(28,652)	18,646	-
Other Income	397,697	(10,344)	-
Other Operating Expenses	(2,199,492)	386	-
Finance Cost	(1,202,497)	(946,230)	27.08%
Profit/ (loss) before taxation	(4,973,258)	199,066	-
Taxation	1,918,895	840	-
Net profit/ (loss) for the period	(3,054,363)	199,906	-
Basic earnings/ (loss) per share	(5.05)	0.33	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,830.22 319.89M	-0.14% -243.51
ALLSHR	102,922.38 808.59M	-0.19% -197.80
KSE30	52,169.49 112.77M	-0.13% -68.01
KMI30	242,960.31 62.27M	-0.31% -745.44
KMIALLSHR	66,780.42 307.03M	-0.21% -140.25
BKTi	47,435.60 66.45M	0.00% 0.50
OGTi	33,373.62 6.42M	0.72% 237.60

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,295.00	87,795.00 86,650.00	-390.00 -0.44%
BRENT CRUDE	62.38	62.73 62.20	0.00 0.00%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	2.40 2.71%
ROTTERDAM COAL MONTHLY	96.45	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	58.45	58.75 58.22	0.07 0.12%
SUGAR #11 WORLD	15.27	15.34 15.16	0.07 0.46%