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HomeEquityDecline in revenue puts Aisha Steel Mills in abyss of losses

Decline in revenue puts Aisha Steel Mills in abyss of losses

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

 

 

Copyright Mettis Link News

Posted on: 2019-02-27T11:16:00+05:00

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