ISL reports 58% decline in net earnings
MG News | October 15, 2019 at 03:14 PM GMT+05:00
October 15, 2019 (MLN): International Steels Limited has declared net earnings of Rs. 347.9 million (EPS: Rs. 0.8) for the quarter ended on September 30, 2019, i.e. nearly 58% lower than the earnings of same period last year.
The sales revenue remained stable, despite company’s decision to lower prices of HRC. Moreover, the rise in the prices of HDGC and CRC, due to devaluation of local currency, failed to pull the revenue up.
The finance cost escalated by 133% due to increase in working capital requirements as well as higher interest rates on borrowings.
It is pertinent to note that the results of the company were somewhat in line with market expectations, wherein the general consensus was that earnings would go up by roughly 50%.
| Financial Results for the quarter ended September 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Net Sales | 11,545,349 | 11,627,840 | -0.71% |
| Cost of Sales | (10,311,143) | (10,008,752) | 3.02% |
| Gross profit | 1,234,206 | 1,619,088 | -23.77% |
| Administrative Expenses | (61,760) | (65,870) | -6.24% |
| Selling and distribution expenses | (244,151) | (109,629) | 122.71% |
| Finance costs | (667,214) | (285,357) | 133.82% |
| Other operating charges | (24,369) | (94,836) | -74.30% |
| Other income | 64,533 | 78,252 | -17.53% |
| Profit before taxation for the year | 301,245 | 1,141,648 | -73.61% |
| Taxation | 46,681 | (300,305) | -115.54% |
| Profit after taxation for the year | 347,926 | 841,343 | -58.65% |
| Earnings per share - basic and diluted (Rupees) | 0.80 | 1.93 | -58.55% |
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