Amreli Steels earns Rs 423 million during 1HFY21
MG News | February 08, 2021 at 04:27 PM GMT+05:00
February 8, 2021 (MLN): Amreli Steels Limited has reported earnings of Rs. 423 million (EPS: 1.42) for the half-year ended December 31, 2020, as opposed to the losses of Rs. 313.4 million (LPS: 1.06) reported in the same period of last year.
The company saw a 28% improvement in revenue due to recovery in sales volumes amid higher development activities and higher prices of rebars, a report by IGI Securities said.
Similarly, the gross profit went up by 49.6% due to swift pass over of cost burden to consumers via price increases, better utilization of fixed costs amid improved volumes.
Further respite was drawn from a 31% drop in finance costs due to reduction in interest rates, as well as presence of tax credit amounting to Rs. 70.3 million.
| Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000) | |||
|---|---|---|---|
| Dec-20 | Dec-19 | % Change | |
| Sales | 17,452,259 | 13,642,337 | 27.9% |
| Cost of sales | (15,561,517) | (12,378,447) | 25.7% |
| Gross profit | 1,890,742 | 1,263,890 | 49.6% |
| Distribution costs | (444,801) | (327,481) | 35.8% |
| Administrative expenses | (258,055) | (241,067) | 7.0% |
| Reversal of / (allowance for) expected credit loss | 24,536 | (68,958) | |
| Other expenses | (37,045) | (10,287) | 260.1% |
| Other income | 14,040 | 8,639 | 62.5% |
| Operating profit | 1,189,417 | 624,736 | 90.4% |
| Finance costs | (836,745) | (1,213,839) | -31.1% |
| Profit / (loss) before taxation | 352,672 | (589,103) | |
| Taxation | 70,332 | 275,624 | -74.5% |
| Net Profit / (loss) for the period | 423,004 | (313,479) | |
| Earnings / (loss) per share | 1.42 | -1.06 |
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