Amreli Steels earns Rs 423 million during 1HFY21

MG News | February 08, 2021 at 04:27 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,478.94 174.95M	-0.41% -696.57
ALLSHR	102,885.54 725.60M	-0.29% -297.60
KSE30	50,877.61 79.52M	-0.67% -344.88
KMI30	243,917.86 73.26M	-0.62% -1524.88
KMIALLSHR	66,743.35 311.96M	-0.35% -234.16
BKTi	46,317.47 21.24M	-0.81% -377.00
OGTi	35,218.63 5.39M	-1.33% -473.03

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	61,100.00	62,405.00 59,600.00	585.00 0.97%
BRENT CRUDE	92.78	95.90 92.67	-2.25 -2.37%
RICHARDS BAY COAL MONTHLY	122.00	122.00 121.00	-0.75 -0.61%
ROTTERDAM COAL MONTHLY	134.35	138.25 134.00	0.30 0.22%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	90.25	93.63 89.68	-2.79 -3.00%
SUGAR #11 WORLD	14.12	14.50 14.09	-0.15 -1.05%