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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