Amreli Steels faces financial downturn in Q1 2024
MG News | April 26, 2024 at 04:30 PM GMT+05:00
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 | 182,340.38 597.72M | -0.97% -1789.20 |
| ALLSHR | 109,847.66 927.99M | -0.83% -916.07 |
| KSE30 | 55,695.28 182.31M | -1.04% -583.23 |
| KMI30 | 256,499.31 111.48M | -1.31% -3408.58 |
| KMIALLSHR | 70,583.87 586.23M | -0.86% -614.78 |
| BKTi | 53,211.20 106.47M | -0.90% -482.48 |
| OGTi | 36,610.68 31.06M | -2.60% -978.56 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 68,820.00 | 72,760.00 68,805.00 | -1440.00 -2.05% |
| BRENT CRUDE | 68.08 | 68.20 67.02 | 0.03 0.04% |
| RICHARDS BAY COAL MONTHLY | 96.00 | 0.00 0.00 | 0.60 0.63% |
| ROTTERDAM COAL MONTHLY | 102.75 | 0.00 0.00 | -0.10 -0.10% |
| USD RBD PALM OLEIN | 1,071.50 | 1,071.50 1,071.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 63.57 | 63.68 62.62 | 0.02 0.03% |
| SUGAR #11 WORLD | 14.22 | 14.29 14.16 | 0.11 0.78% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|