ISL earning drastically went down by 98.56% YoY in 1HFY23

By MG News | January 27, 2023 at 12:41 PM GMT+05:00

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January 27, 2023 (MLN): International Steels Limited (ISL), a market leader in CRC and GI sheets has announced its financial performance for the six months that ended on December 31, 2022, as per which the profits after tax (PAT) of the company plummeted by 98.56% YoY to clock in at Rs60.87 million, compared to Rs4.22bn in 1HFY22.

Given this, the company’s earnings per share went down from Rs9.71 per share to Rs0.14 per share.

The net revenue of the company decreased by 21.64%YoY to Rs33.93bn as compared to Rs43.29bn in the same period last year (SPLY).

The gross profit clocked in at Rs2.98bn during the review period compared to Rs7.21bn in 1HFY22, marking a decline of 58.84% YoY.

On the costs front, distribution and administration expenses have come at Rs148 million and Rs153mn, plunged by 62.55% YoY and 7.28% YoY, respectively.

Meanwhile, other expenses also witnessed an increase of 90.57% YoY to stand at Rs1.12bn, and finance cost posted a huge incline of Rs1.65bn which is 203.48% YoY.

On the tax front, company taxation for the following period stood at Rs92.38mn.

Profit and Loss Account for six-months ended December 31, 2022 ('000 Rupees)
	Dec-22	Dec-21	% Change
Revenue	33,925,882,000	43,294,474,000	-21.64%
Cost of Sales	-30,950,594,000	-36,083,968,000	-14.23%
Gross Profit	2,975,288,000	7,210,506,000	-58.74%
Selling and Distribution Expenses	-148,478,000	-396,466,000	-62.55%
Administrative expenses	-152,846,000	-164,849,000	-7.28%
	-301,324,000	-561,315,000	-46.32%
Finance Cost	-1,651,976,000	-544,351,000	203.48%
Other operating charges	-1,115,515,000	-585,361,000	90.57%
	-2,767,491,000	-1,129,712,000	144.97%
Other Income	62,012,000	152,823,000	-59.42%

Profit/Loss before taxation	-31,515,000	5,672,302,000
Taxation	92,380,000	-1,448,636,000
Profit/Loss after taxation	60,865,000	4,223,666,000	-98.56%
Earnings per share -basic and diluted (Rs)	0.14	9.71	-98.56%

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