International Steels Ltd's profits slide down by 16% due to rising expenses
MG News | October 16, 2018 at 03:14 PM GMT+05:00
October 16, 2018 (MLN): International Steels Limited (ISL)’s overall profits for the first quarter of current fiscal year, have suffered a decline of 16% owing to uninhibited rise in cost of sales and overall expenses.
As narrated in the report on the company’s financial earnings, ISL experienced a decent increase of Rs.523.5 million in net sales, but due to soaring cost of sales, gross profits came down by 8.5% as compared to the corresponding period of last year.
While overall expenses surged, a 200% rise in non-core income and 23% lower tax provisions provided relief to the company.
However, the collective impact of all the components pulled down the profits from Rs.1 billion to Rs.841.3 million on a year-on-year basis.
ISL reported its basic and diluted earnings per share at Rs.1.93 per share, down from Rs.2.31 per share.
| Financial Results for the first quarter ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Net Sales | 11,231,542 | 10,708,086 | 4.89% |
| Cost of Sales | (9,612,454) | (8,939,132) | 7.53% |
| Gross profit | 1,619,088 | 1,768,954 | -8.47% |
| Selling and distribution expenses | (109,629) | (103,688) | 5.73% |
| Administrative Expenses | (65,870) | (53,987) | 22.01% |
| Finance costs | (285,357) | (112,880) | 152.80% |
| Other operating charges | (94,836) | (127,288) | -25.49% |
| Other income | 78,252 | 25,948 | 201.57% |
| Profit before taxation | 1,141,648 | 1,397,059 | -18.28% |
| Taxation | (300,305) | (393,714) | -23.73% |
| Profit after taxation for the period | 841,343 | 1,003,345 | -16.15% |
| Earnings per share - basic and diluted (Rupees) | 1.93 | 2.31 | -16.45% |
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