ASTL's financial performance displays a significant YoY plunge in earnings
MG News | April 29, 2019 at 12:42 PM GMT+05:00
April 29, 2019 (MLN): Amreli Steels Limited (ASTL) announced its financial performance for the nine months ended on March 31st 2019 with a significant year-on-year plunge in earnings. As the company was unable to pass on the impact of PKR depreciation and higher energy price, its bottom-line earnings dropped by 77.5% to locked in at Rs223.5 million with EPS recorded at Rs0.75.
The company’s net revenues were up by 72%, but more than proportionate increase in the cost of sales made the gross profits decline by 14%.
Additionally, finance costs also increased by a significant amount of Rs 536 million due to expansion projects of the company. Moreover, distribution cost and administrative expenses increased by 92% and 24.5% respectively, which made profit before tax decline by 87%.
On the other hand, the company enjoyed a tax rebate of Rs 70 million in contrast to tax payments of Rs 203.8 million in the same period last year, which provided a cushion to the earnings.
| Condensed Interim Profit or Loss Account for the Nine months ended March 31th 2019 (Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 18,723,108,676 | 10,865,882,245 | 72.31% |
| Cost of sales | (16,882,764,083) | (8,719,896,211) | 93.61% |
| Gross Profit | 1,840,344,593 | 2,145,986,034 | -14.24% |
| Distribution cost | (438,690,133) | (228,186,183) | 92.25% |
| Administrative expenses | (371,454,907) | (298,288,629) | 24.53% |
| Other expenses | (21,792,017) | (96,286,791) | -77.37% |
| Other income | 5,191,369 | 1,842,552 | 181.75% |
| Operating profit | 1,013,598,905 | 1,525,066,983 | -33.54% |
| Finance costs | (860,091,226) | (324,034,902) | 165.43% |
| Profit before taxation | 153,507,679 | 1,201,032,081 | -87.22% |
| Taxation | 70,065,284 | (203,880,450) |
|
| Net profit for the year | 223,572,963 | 997,151,631 | -77.58% |
| Basic and diluted earnings per share | 0.75 | 3.36 | -77.68% |
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