Decline in revenue puts Aisha Steel Mills in abyss of losses

MG News | February 27, 2019 at 11:16 AM GMT+05:00

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February 27, 2019 (MLN): Aisha Steel Mills Limited (ASL) has unveiled its 1HFY19 results, wherein the company has posted loss after tax of Rs. 51 million (LPS: Rs. 0.1), compared to profit after tax of Rs. 801 million (EPS: Rs. 0.98) in 1HFY18.

Lower top-line earnings in the said period can be attributable to the losses booked by the company. On the other hand, operating expenses of the company, i.e. Distribution and Administrative expenses, swelled by 33% and 44% respectively, causing further deterioration of company’s net earnings.

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Revenue	7,600,434	9,510,315	-20.08%
Cost of sales	-6,961,831	-7,667,747	-9.21%
Gross profit	638,603	1,842,568	-65.34%
Selling and distribution cost	-11,135	-8,348	33.39%
Administrative expenses	-128,432	-89,379	43.69%
Other expenses		-87,350
Other income	17,154	16,785	2.20%
Profit from operations	516,190	1,674,276	-69.17%
Finance cost	-858,778	-495,689	73.25%
(Loss) / profit before taxation	-342,588	1,178,587
Taxation	291,172	-377,188
(Loss) / profit for the period	-51,416	801,399
(Loss) / earnings per share
- Basic	-0.10	0.98
- Diluted		0.96

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