Amreli Steel reports total profits at Rs.408 million

MG News | October 26, 2018 at 04:39 PM GMT+05:00

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October 26, 2018 (MLN): Amreli Steels Limited (ASTL)’s profits for the quarter ended September 30th, 2018 doubled due to a significant increase in top-line earnings.

Although the company’s total expenses rose considerably, a more impactful change was seen in cost of distribution and finance which grew by over Rs.100 million each

Moreover, during the period, company enjoyed a tax cut of around 71.4% as compared to the same period last year.

The Earnings per share of the company exhibited an increase of around 109% from Rs0.66 per share to Rs1.38 per share.

Condensed Interim Profit or Loss Account for the Quarter Ended September 30th 2018 (Rupees)
	Sep-18	Sep-17	% Change
Sales	5,922,361,265	2,706,286,342	118.84%
Cost of sales	(5,014,188,143)	(2,196,312,150)	128.30%
Gross Profit	908,173,122	509,974,192	78.08%
Distribution cost	(155,967,131)	(55,492,434)	181.06%
Administrative expenses	(109,208,870)	(101,056,802)	8.07%
Other expenses	(36,287,106)	(18,828,781)	92.72%
Other income	22,527,897	322,557	6884.16%
Operating profit	629,237,912	334,918,732	87.88%
Finance costs	(208,610,567)	(97,059,215)	114.93%
Profit before taxation	420,627,345	237,859,517	76.84%
Taxation	(12,039,277)	(42,086,798)	-71.39%
Net profit for the year	408,588,068	195,772,719	108.71%
Basic and diluted earnings per share	1.38	0.66	109.09%

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