ASTL's financial performance displays a significant YoY plunge in earnings

MG News | April 29, 2019 at 12:42 PM GMT+05:00

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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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