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

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

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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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