Amreli steels gain 47.6% in annual profits owing to huge tax reversals
By MG News | September 12, 2018 at 10:29 AM GMT+05:00
September 12, 2018 (MLN): Amreli Steels limited reported its annual profits at Rs.1.6 billion during the year ended June 30th 2018, demonstrating a 47% increase on a year-on-year basis, although the pre-tax profits dropped by 3.5%.
The company’s Board of Directors meeting was held on September 11th 2018, in which the board reviewed the financial earning for the year and drew a comparison with the earnings made during the year ended on June 30th 2017.
According to the report issued to PSX, the company gained 11.7% in gross profits.
After accounting for overall expenses and non-core income, Amreli Steel’s operating profits demonstrated an increase of 10%.
However, the company’s finance cost went up by 89% during the year, therefore the pre-tax profits reduced from Rs.1.45 billion to Rs.1.39 billion.
Fortunately for the company, tax reversals worth Rs.190.8 million resulted in a 47.6% increase in overall annual net profit.
Amreli Steel reported a 47.5% increase in basic and diluted earnings per share as they increased from Rs.3.62 per share to Rs.5.34 per share, YoY.
Apart from this, the company recommended a final cash dividend at Rs.2.2 per share, i.e. 22%.
| Financial Results for the Year Ended June 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Sales | 15,500,542,721 | 13,283,811,229 | 16.69% |
| Cost of sales | (12,742,134,429) | (10,815,624,056) | 17.81% |
| Gross Profit | 2,758,408,292 | 2,468,187,173 | 11.76% |
| Distribution cost | (378,233,038) | (337,266,551) | 12.15% |
| Administrative expenses | (408,910,506) | (324,830,812) | 25.88% |
| Other expenses | (123,053,961) | (116,550,926) | 5.58% |
| Other income | 22,543,009 | 7,357,725 | 206.39% |
| Operating profit | 1,870,753,796 | 1,696,896,609 | 10.25% |
| Finance costs | (476,323,111) | (251,583,475) | 89.33% |
| Profit before taxation | 1,394,430,685 | 1,445,313,134 | -3.52% |
| Taxation | 190,805,976 | (371,260,430) |
|
| Net profit for the year | 1,585,236,661 | 1,074,052,704 | 47.59% |
| Basic and diluted earnings per share | 5.34 | 3.62 | 47.51% |
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