October 27, 2023 (MLN): Amreli Steels Ltd. (PSX: ASTL) unveiled its profitability for the quarter ended September 30, 2023, wherein the loss after tax clocked in at 172.78m (LPS: Rs0.58), compared to a profit of Rs204.06m (EPS: Rs0.69) in the same period last year (SPLY).
Going by the results, the company's top line rose by 10.91% YoY to Rs10.89bn as compared to Rs9.82bn in SPLY.
The cost of sales also went up by 16.18% YoY, the change was higher than proportionate to sales increase, which worsened the gross profit by 16.41% YoY to Rs1.33bn in 3QCY23.
On the expense side, the company observed a rise in Distribution expenses by 11.51% YoY and administrative expenses by 21.82% YoY to clock in at Rs244.67m and Rs199.54m respectively during the review period.
In addition, other expenses soared to Rs119.11m during 3QCY23.
The profit and loss statement further shows that the other income fell by 65.29% YoY to stand at Rs0.66m in 3QCY23 as compared to Rs1.89m in SPLY.
The company’s finance costs inflated by 9.43% YoY and stood at Rs1.02bn as compared to Rs927.92m in 3QCY22, mainly due to higher interest rates.
On the tax front, ASTL incurred a tax rebate of Rs88.44m during the review period, compared to a tax expense of Rs10.24m reported in 3QCY22.
| Condensed interim statement of profit or loss for the Quarter ended 30 September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 10,891,115 | 9,819,863 | 10.91% |
| Cost of sales | (9,563,289) | (8,231,276) | 16.18% |
| Gross Profit | 1,327,826 | 1,588,587 | -16.41% |
| Distribution expenses | (244,672) | (219,425) | 11.51% |
| Administrative expenses | (199,540) | (163,805) | 21.82% |
| Allowance for expected credit loss | (10,920) | (42,551) | -74.34% |
| Other Income | 655 | 1,887 | -65.29% |
| Other expenses | (119,110) | (22,475) | 429.97% |
| Finance cost | (1,015,460) | (927,917) | 9.43% |
| Profit before tax | (261,221) | 214,301 | – |
| Taxation | 88,441 | (10,238) | – |
| Net profit for the period | (172,780) | 204,063 | – |
| Basic and diluted earnings/ (loss) per share | (0.58) | 0.69 | – |
ASTL and KSE-100 YTD Performance
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Posted on: 2023-10-27T14:16:36+05:00
