Amreli Steels reports losses of Rs 688 million as gross margins take a hit
MG News | April 27, 2020 at 12:49 PM GMT+05:00
April 27, 2020 (MLN): Amreli Steels Limited reported its financial results for the nine months ended March 31, 2020, on Monday, which show that the company incurred losses of Rs. 688 million (LPS: 2.23), as opposed to profits of Rs. 223.5 million (EPS: 0.75) recorded in the same period of last year.
According to a research report by BIPL Securities, the losses emanated mainly from higher raw material cost which left a significant impact on the gross margins, rise in major expense heads, and skyrocketing tax expense.
The profitability of the company also suffered at the hands of Finance cost, which showed a 1.08x increase due to the increase in policy rates in the last few months.
The topline income of the company, however, surged by 14.25% on account of frequent price adjustments, witnessed especially during the third quarter.
| Profit or Loss Account for the nine months ended March 31, 2020 (Rupees in '000') | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Sales | 21,390,265 | 18,723,109 | 14.25% |
| Cost of sales | (19,630,105) | (16,882,764) | 16.27% |
| Gross Profit | 1,760,160 | 1,840,345 | -4.36% |
| Distribution cost | (540,955) | (438,690) | 23.31% |
| Administrative expenses | (462,571) | (371,455) | 24.53% |
| Other expenses | (139,265) | (21,792) | 539.06% |
| Other income | 5,904 | 5,191 | 13.74% |
| Operating profit | 623,273 | 1,013,599 | -38.51% |
| Finance costs | (1,796,829) | (860,091) | 108.91% |
| Profit before taxation | (1,173,556) | 153,508 | |
| Taxation | 485,512 | 70,065 | 592.9% |
| Net profit for the year | (688,044) | 223,573 | |
| Basic and diluted earnings per share | (2.23) | 0.75 |
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