Amreli Steel reports total profits at Rs.408 million
By MG News | October 26, 2018 at 04:39 PM GMT+05:00
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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