Amreli Steel discloses losses of Rs 81 million

MG News | October 30, 2019 at 02:30 PM GMT+05:00

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October 30, 2019 (MLN): Amreli Steels Limited (ASTL) has unveiled its financial performance for the quarter ended September 30^th 2019 wherein the company reported a loss worth Rs 81 million against the profits of Rs 408 million reaped in the same quarter previous year.

Consequently, the loss per share for the period reported at Rs 0.27 per share against the earning per share of Rs 1.38.

The losses during the quarter were mainly attributable to162% increase in finance cost due to higher working capital requirement and higher interest rates.

The top-line of the company increased slightly by around 3% mainly due to higher retention prices. However, cost of sales also increased 8%YoY during the quarter, thereby resulting in a 26%YoY decline in gross profits.

As a result, gross level margins dropped by 4 ppts from 15% to 11% owing to higher input cost.

Financial Results for the Quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	6,086,981,687	5,922,361,265	2.78%
Cost of sales	(5,417,747,684)	(5,014,188,143)	8.05%
Gross Profit	669,234,003	908,173,122	-26.31%
Distribution cost	(170,911,673)	(155,967,131)	9.58%
Administrative expenses	(131,066,930)	(109,208,870)	20.01%
Other expenses	(3,681,289)	(36,287,106)	-89.86%
Other income	7,174,586	22,527,897	-68.15%
Operating profit	370,748,697	629,237,912	-41.08%
Finance costs	(546,698,409)	(208,610,567)	162.07%
Profit before taxation	(175,949,712)	420,627,345	-141.83%
Taxation	94,891,801	(12,039,277)	-888.19%
Net profit for the year	(81,057,911)	408,588,068	-119.84%
Basic and diluted earnings per share	(0.27)	1.38	-119.57%

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