Higher finance cost drags down ISL profits by 27%
MG News | April 17, 2019 at 10:32 AM GMT+05:00
April 17, 2019 (MLN): International Steels Limited has reported its net profits for nine months ended on March 31st 2019 at Rs 2.36 million, down by 27% YOY.
The decline in profits are mainly attributable to muted volumetric growth, lower gross margins and higher finance cost.
Among other major heads, the company's finance cost has increased substantially by 182% compare to same period last year, due to higher debt needed to finance the expansion project and working capital needs.
However, during the period company's taxes observed a decline of 64% compared to last year payments.
| Financial Results for the Nine months Ended March 31st 2019 ('000 Rupees) |
|---|
|
| Mar-19 | Mar-18 | % Change |
|---|---|---|---|
| Net Sales | 40,522,480 | 34,817,652 | 16.38% |
| Cost of Sales | (35,902,841) | (29,003,643) | 23.79% |
| Gross profit | 4,619,639 | 5,814,009 | -20.54% |
| Administrative Expenses | (197,824) | (167,811) | 17.89% |
| Selling and distribution expenses | (470,411) | (316,866) | 48.46% |
| Finance costs | (1,009,812) | (357,931) | 182.12% |
| Other operating charges | (248,234) | (515,448) | -51.84% |
| Other income | 124,783 | 63,172 | 97.53% |
| Profit before taxation for the year | 2,818,141 | 4,519,125 | -37.64% |
| Taxation | (458,390) | (1,284,904) | -64.32% |
| Profit after taxation for the year | 2,359,751 | 3,234,221 | -27.04% |
| Earnings per share - basic and diluted (Rupees) | 5.42 | 7.43 | -27.05% |
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