Earning Review: ASL's profits drop massively by 80% owing to higher cost of sales

News Image

By MG News | September 02, 2019 at 10:55 AM GMT+05:00

0:00

September 2, 2019 (MLN): Aisha Steel Mills Limited (ASL)’s annual net profits declined massively by 80% to Rs 253 million from Rs 1.28 billion last year with Earnings per share reported at Rs 0.26.

The huge decline in ASL’s profits was mainly attributable to increase in cost of sales by 19% which allowed company’s gross profits to decline by 49% to Rs 1.67 billion from Rs 3.3 billion last year.

Moreover, over the year company’s selling and distribution cost surged by 31% while its administrative expenses soared by 30% which further helped in declining company’s profitability.

In addition to this, the company enjoyed tax reversal of Rs 666 million, which provided a cushion to the earnings.

 

Profit and Loss Account for the Year Ended June 30,2019 (Rupees '000)

 

2019

2018

% Change

Revenue

 20,230,797

 18,903,907

7.0%

Cost of sales

 (18,552,531)

 (15,589,753)

19.0%

Gross Profit

 1,678,266

 3,314,154

-49.4%

Selling and distribution cost

 (25,070)

 (19,128)

31.1%

Administrative expenses

 (249,346)

 (192,255)

29.7%

Other expenses

 (2,684)

 (143,595)

-98.1%

Other income

 51,711

 35,345

46.3%

Profit from operations

 1,452,877

 2,994,521

-51.5%

Finance cost

 (1,865,306)

 (1,078,941)

72.9%

Profit/(loss) before taxation

 (412,429)

 1,915,580

 

Taxation

 666,127

 (631,598)

 

Profit/(loss) for the period

 253,698

 1,283,982

-80.2%

Earnings/(loss) per share - Basic

 0.26

 1.57

-83.4%

 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,805.00 108,430.00
105,440.00
2055.00
1.94%
BRENT CRUDE 67.82 68.10
66.94
0.71
1.06%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
109.20
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.16 66.43
65.23
0.71
1.08%
SUGAR #11 WORLD 15.72 15.97
15.71
0.02
0.13%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg