Amreli Steels earns Rs 423 million during 1HFY21

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

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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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