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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