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Amreli steels gain 47.6% in annual profits owing to huge tax reversals

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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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Posted on: 2018-09-12T10:29:00+05:00

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