Amreli Steel Limited profits rise 8.77% to Rs. 524.410 million
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MG News | February 19, 2018 at 12:48 PM GMT+05:00
Amreli Steel sales during the half year ending December, 31st 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.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31st 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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