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

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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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