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

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

Add Mettisglobal as a Trusted Source on Google

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	165,596.07 264.75M	-0.54% -902.76
ALLSHR	100,017.71 623.24M	-0.46% -463.69
KSE30	49,464.92 86.97M	-0.60% -299.08
KMI30	238,952.40 97.00M	-0.58% -1388.16
KMIALLSHR	65,314.16 323.73M	-0.44% -285.47
BKTi	44,788.98 46.84M	-0.77% -347.65
OGTi	35,107.09 7.04M	-0.41% -145.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	79,165.00	81,895.00 78,675.00	-2455.00 -3.01%
BRENT CRUDE	109.47	109.75 106.26	3.75 3.55%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-2.95 -2.61%
ROTTERDAM COAL MONTHLY	109.00	109.00 108.75	1.25 1.16%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	101.16	101.57 97.23	4.24 4.37%
SUGAR #11 WORLD	14.78	15.07 14.67	-0.21 -1.40%