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
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