Agha Steel sees Rs3.1bn loss in Apr-Jun
MG News | September 30, 2024 at 03:46 PM GMT+05:00
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
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