Amreli Steels suffers drop in net earnings by 98%
MG News | September 12, 2019 at 03:46 PM GMT+05:00
September 12, 2019 (MLN): Amreli Steels Limited has declared net earnings of Rs. 32.8 million (EPS: Rs. 0.11) for the year ended June 30, 2019, which is around 98% lower than the earnings reported in last year.
According to the details provided by Arif Habib Limited, the company endured significant slump in profits despite increase in sales revenue by 85%, which was prompted by rise in sale of rebars post commissioning of the new Dhabeji plant.
The gross profits of the company fell by 12% due to hike in scrap prices, teething issues at the new plant which led to higher gas and electricity costs, as well as consultancy and staff training costs incurred for the new plant.
The decline in profits was further triggered by increase in finance cost by 165%, owing to surge in the working capital requirement of the company.
| Profit and loss account for the half year ended June 30, 2019 (Rupees) | |||
|---|---|---|---|
|
| June, 2019 | June, 2018 | % Change |
| Sales | 28,595,975,992 | 15,500,542,721 | 84.48% |
| Cost of sales | -26,172,391,685 | -12,742,134,429 | 105.40% |
| Gross profit | 2,423,584,307 | 2,758,408,292 | -12.14% |
| Distribution costs | -716,485,273 | -385,733,038 | 85.75% |
| Administrative expenses | -501,349,098 | -401,410,506 | 24.90% |
| Other expenses | -17,703,942 | -123,053,961 | -85.61% |
| Other income | 7,096,063 | 22,543,009 | -68.52% |
| Operating profit | 1,195,142,057 | 1,870,753,796 | -36.11% |
| Finance costs | -1,262,303,022 | -476,323,111 | 165.01% |
| (Loss) / profit before taxation | -67,160,965 | 1,394,430,685 |
|
| Taxation | 99,984,428 | 190,805,976 | -47.60% |
| Net profit for the year | 32,823,463 | 1,585,236,661 | -97.93% |
| Earnings per share — basic and diluted | 0.11 | 5.34 | -97.94% |
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