Amreli Steel Limited profits rise 8.77% to Rs. 524.410 million

MG News | February 19, 2018 at 12:48 PM GMT+05:00

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Amreli Steel sales during the half year ending December, 31^st 2017 declined by 4.89%, according to company release on Pakistan Stock Exchange. Company Sales clocked in at 6.237 billion against the tally of same period last year of 6.558 billion.

Half year Gross Profit of the company rose by 11.96% to Rs. 1.164 billion resulting from a decline of 8% in cost of sales. Distribution Costs during the period declined by 19.94%, with other income dropping by 87.74% clocking in at 768 thousand.

Company’s bottom-line increased by 8.77% to 524 million during the period, as cost of sales and taxation dropped by 8 percent and 11 percent respectively.

The Board during the meeting did not recommend any dividend for the period, while reporting an earnings per share of Rs. 1.77 against 1.62 per share last year.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Sales	6,237,866	6,558,410	-4.89%
Cost of Sales	5,073,129	5,518,126	-8.06%
Gross Profit	1,164,736	1,040,283	11.96%
Distribution Costs	135,835	169,657	-19.94%
Administrative Expenses	184,446	146,709	25.72%
Other Expenses	49,407	46,669	5.87%
Other Income	768	6,262	-87.74%
Operating Profit	795,816	683,509	16.43%
Finance Costs	206,752	128,532	60.86%
Profit before Taxation	589,064	554,977	6.14%
Taxation	64,653	72,870	-11.28%
Net profit for the period	524,410	482,106	8.77%
EPS - Basic and diluted	1.77	1.62	9.26%

Company release on Earnings Report can be accessed here.

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