Amreli Steels faces financial downturn in Q1 2024

MG News | April 26, 2024 at 04:30 PM GMT+05:00

0:00

April 26, 2024 (MLN): Amreli Steels Ltd. (PSX: ASTL) reported its profit and loss statement for the first quarter of 2024, wherein it incurred a loss of Rs665.8 million [LPS: Rs2.24] compared to a profit of Rs475.71m [EPS: Rs1.60] earned in the same period last year (SPLY).

Going by the results, the company's sales marked a decline of 4.2% YoY to Rs11.18bn as compared to Rs11.67bn in SPLY.

Furthermore, the cost of sales rose by 7.7% YoY, worsening the gross profit by 57.8% YoY to Rs888.29m in 1Q2024.

The gross margins fell sharply to 7.94% as compared to 18.06% in SPLY.

During the review quarter, other income increased by 4.7x YoY to stand at Rs25.98m in 1Q2024 as compared to Rs5.5m in SPLY.

The company’s finance cost soared by 29.9% YoY and stood at Rs1.29bn as compared to Rs991.56m in SPLY, mainly due to higher interest rates.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	11,182,624	11,666,940	-4.15%
Cost of sales	(10,294,339)	(9,559,890)	7.68%
Gross Profit/ (loss)	888,285	2,107,050	-57.84%
Administrative Expenses	(202,370)	(191,834)	5.49%
Selling And Distribution Expenses	(319,714)	(246,353)	29.78%
Other Gains / (Losses)	(47,293)	(102,535)	-53.88%
Other Income	25,980	5,502	372.19%
Other Operating Expenses	6,631	(33,663)	-
Finance Cost	(1,287,686)	(991,563)	29.86%
Profit/ (loss) before taxation	(936,167)	546,604	-
Taxation	270,364	(70,891)	-
Net profit/ (loss) for the period	(665,803)	475,713	-
Basic earnings/ (loss) per share	(2.24)	1.60	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	172,400.73 346.40M	0.92% 1570.51
ALLSHR	103,483.96 796.97M	0.55% 561.58
KSE30	52,734.06 184.56M	1.08% 564.57
KMI30	245,565.33 110.97M	1.07% 2605.02
KMIALLSHR	67,233.70 319.67M	0.68% 453.28
BKTi	47,898.10 95.85M	0.98% 462.51
OGTi	33,838.49 13.78M	1.39% 464.88

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,825.00	90,115.00 86,915.00	75.00 0.09%
BRENT CRUDE	60.80	62.67 60.56	-1.44 -2.31%
RICHARDS BAY COAL MONTHLY	87.50	0.00 0.00	1.05 1.21%
ROTTERDAM COAL MONTHLY	94.50	0.00 0.00	-0.70 -0.74%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	56.93	58.88 56.65	-1.42 -2.43%
SUGAR #11 WORLD	15.17	15.28 15.08	-0.12 -0.78%