Amreli Steel reports total profits at Rs.408 million

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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Posted on: 2018-10-26T16:39:00+05:00

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