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.
Comparison of Key Financials
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.