ASTL’s profit plummets by 71% YoY in 1QFY23

MG News | October 25, 2022 at 04:16 PM GMT+05:00

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October 25, 2022 (MLN): Amreli Steel Limited (PSX: ASTL) has recorded a net profit of Rs204 million (EPS: Rs0.69) in 1QFY23, down by 71% YoY compared to the profit of Rs701.85mn (EPS: Rs2.36) earned in 1QFY22, the company filing on PSX showed today.

During the period under review, the company witnessed a decline in topline as it went down by 17%YoY to Rs9.82 billion compared to Rs11.84 in 1QFY22.

On the cost front, the distribution and administrative expenses decreased by 8.15% YoY and 7.76% YoY to stand at Rs219.42mn and Rs164mn, respectively.

Furthermore, the finance cost of the company jumped by 2.5x YoY to Rs928mn on the back of the increase in interest rate.

The company booked an effective tax rate of 4.78% YoY compared to 18.13% in 1QFY22.

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