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ISL profits plunge by over half in first quarter of 2024

ISL profits plunge by over half in first quarter of 2024
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April 23, 2024 (MLN): International Steels Limited's (PSX: ISL) profit after tax fell 53.5% YoY to Rs705.7 million [EPS: Rs1.62] in the first three months of 2024, as compared to a profit of Rs1.52 billion [EPS: Rs3.48] in the same period last year (SPLY).

Going by the results made available by the company on the Pakistan Stock Exchange (PSX), the company's top line went down by 31.9% YoY to Rs16.28bn as compared to Rs23.9bn in SPLY.

The cost of sales also fell 30.7% YoY but was not enough to offset the sales decline, worsening the gross profit by 39.8% YoY to Rs1.91bn in 1Q2024.

The gross margins inched down to 11.75% as compared to 13.28% in SPLY.

During the period under review, other income went down by 12.5% YoY to stand at Rs48.04m in 1Q2024 as compared to Rs54.91m in SPLY.

On the expense side, the company observed a slight increase in administrative expenses by 1.0% YoY while other operating expenses decreased by 83.1% YoY to clock in at Rs105.96m and Rs55.47m respectively during the review period.

Meanwhile the selling and distribution expenses surged 2.68x YoY to Rs767m during the quarter.

The company’s finance cost dipped by 52.8% YoY and stood at Rs186.52m as compared to Rs394.73m in SPLY.

On the tax front, the company paid a lower tax worth Rs139.48m against the Rs598.38m paid in the corresponding period of last year, depicting a fall of 76.7% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
  Mar 24 Mar 23 % Change
Sales 16,276,004 23,898,389 -31.89%
Cost of sales (14,363,928) (20,724,496) -30.69%
Gross Profit 1,912,076 3,173,893 -39.76%
Administrative Expenses (105,963) (104,920) 0.99%
Selling And Distribution Expenses (766,991) (286,648) 167.57%
Other Income 48,041 54,911 -12.51%
Other Operating Expenses (55,465) (328,196) -83.10%
Finance Cost (186,517) (394,729) -52.75%
Profit before taxation 845,181 2,114,311 -60.03%
Taxation (139,483) (598,379) -76.69%
Net profit for the period 705,698 1,515,932 -53.45%
Basic earnings/ (loss) per share 1.62 3.48

Amount in thousand except for EPS

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Posted on: 2024-04-23T15:09:30+05:00