Decline in revenue puts Aisha Steel Mills in abyss of losses
MG News | February 27, 2019 at 11:16 AM GMT+05:00
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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