Amreli Steels posts Rs678m loss in FY23 amid lower sales, higher finance costs
MG News | September 08, 2023 at 12:30 PM GMT+05:00
September 08, 2023 (MLN): Amreli Steels Ltd. (PSX: ASTL) unveiled its financial statement for the year ended 30 June 2023, wherein the loss after tax clocked in at 678.44 million [LPS: Rs2.28], compared to a profit of Rs1.33 billion [EPS: Rs4.46] in the previous year.
Going by the results, the company's top line decreased by 21.81% YoY to Rs45.49bn as compared to Rs58.18bn in SPLY.
The cost of sales also fell by 23.53% YoY but was not enough to offset the sales decline, worsening the gross profit by 8.15% YoY to Rs5.96bn in FY23.
During the period under review, other income fell by 66.08% YoY to stand at Rs8.31m in FY23 as compared to Rs24.51m in SPLY.
On the expense side, the company observed a decrease in distribution cost by 16.19% YoY and other expenses by 54.89% YoY to clock in at Rs1.01bn and Rs84.1m respectively during the review period.
The company’s finance costs soared by 74.83% YoY and stood at Rs4.03bn as compared to Rs2.31bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs652.57m against the Rs752.55m paid in the corresponding period of last year, depicting a fall of 13.29% YoY.
| Unconsolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 45,492,724 | 58,184,282 | -21.81% |
| Cost of sales | (39,530,560) | (51,692,795) | -23.53% |
| Gross Profit | 5,962,164 | 6,491,487 | -8.15% |
| Distribution cost | (1,008,778) | (1,203,640) | -16.19% |
| Administrative expenses | (751,114) | (735,971) | 2.06% |
| Allowance for expected credit losses | (119,602) | (5,177) | 2210.26% |
| Other Income | 8,312 | 24,507 | -66.08% |
| Other expenses | (84,097) | (186,445) | -54.89% |
| Finance cost | (4,032,761) | (2,306,697) | 74.83% |
| Loss/Profit before taxation | (25,876) | 2,078,064 | - |
| Taxation | (652,567.00) | (752,549.00) | - |
| Net loss/profit for the period | (678,443) | 1,325,515 | - |
| Basic loss/earnings per share | (2.28) | 4.46 | - |
Amount in thousand except for EPS
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 158,443.42 686.33M | -2.85% -4654.77 |
| ALLSHR | 96,486.01 1,361.32M | -2.81% -2790.24 |
| KSE30 | 48,740.26 296.81M | -2.88% -1444.29 |
| KMI30 | 230,110.46 188.70M | -3.45% -8223.06 |
| KMIALLSHR | 63,648.04 732.81M | -3.26% -2144.50 |
| BKTi | 44,558.02 124.99M | -2.40% -1095.50 |
| OGTi | 30,903.39 28.23M | -4.36% -1409.86 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 115,520.00 | 116,385.00 115,520.00 | -860.00 -0.74% |
| BRENT CRUDE | 63.39 | 63.95 62.90 | 0.66 1.05% |
| RICHARDS BAY COAL MONTHLY | 81.00 | 0.00 0.00 | -0.60 -0.74% |
| ROTTERDAM COAL MONTHLY | 89.30 | 89.30 89.15 | -0.35 -0.39% |
| USD RBD PALM OLEIN | 1,085.00 | 1,085.00 1,085.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 59.64 | 59.68 59.54 | 0.15 0.25% |
| SUGAR #11 WORLD | 15.57 | 16.21 15.53 | -0.53 -3.29% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|