Amreli Steels reports massive Rs6.1bn loss for FY24
MG News | September 23, 2024 at 03:11 PM GMT+05:00
September 23, 2024 (MLN): Amreli Steels Ltd. (PSX: ASTL) recorded a massive loss of Rs6.11 billion [LPS: Rs20.56] during the fiscal year 2024, around 776% higher compared to the negative bottom line of Rs697.2m [LPS: Rs2.35] reported in the previous fiscal year.
According to the profit and loss account, the company's top line dropped 14.8% to Rs38.78bn as compared to Rs45.49bn in SPLY.
The cost of sales also fell by 8% but as the reduction in sales was of a greater proportion, the gross profit worsened by 59.7% to Rs2.4bn in FY24.
Accordingly, the gross margins worsened to 6.2% as compared to 13.1% in SPLY.
Burdened by declining sales, ASTL faced additional challenges as expenses rose across various segments.
The administrative expenses rose 12.2% YoY to Rs842.4m, distribution cost rose 10.5% YoY to Rs1.11bn, and other operating expenses rose 136.9% YoY to Rs199.21m.
Additionally, the company faced a substantial expense of Rs379.21m as allowance for expected credit losses
During the period under review, other income fell by 62.0% to stand at Rs3.16m in FY24 as compared to Rs8.31m in SPLY.
The company’s finance cost skyrocketed by 18% and stood at Rs4.77bn as compared to Rs4.04bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.2bn against the Rs652.57m paid in the corresponding period of last year, depicting a rise of 84.4%.
| Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 38,775,737 | 45,492,724 | -14.76% |
| Cost of sales | (36,374,311) | (39,538,794) | -8.00% |
| Gross Profit/ (loss) | 2,401,426 | 5,953,930 | -59.67% |
| Administrative Expenses | (842,398) | (751,114) | 12.15% |
| Distribution cost | (1,114,552) | (1,008,778) | 10.49% |
| Allowance for expected credit losses | (379,205) | (119,602) | 217.06% |
| Other Income | 3,156 | 8,312 | -62.03% |
| Other Operating Expenses | (199,214) | (84,097) | 136.89% |
| Finance Cost | (4,772,416) | (4,043,279) | 18.03% |
| Profit/ (loss) before taxation | (4,903,203) | (44,628) | 10886.83% |
| Final tax / levies | (1,203,520) | (652,568) | 84.43% |
| Net profit/ (loss) for the period | (6,106,723) | (697,196) | 775.90% |
| Basic earnings/ (loss) per share | (20.56) | (2.35) | - |
Amount in thousand except for EPS
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