ISL reports 77% decline in net profit for H1FY25

MG News | February 06, 2025 at 12:54 PM GMT+05:00

0:00

February 06, 2025 (MLN): International Steels Limited (PSX: ISL) reported a significant decline in profit for the six months ended December 31, 2024, with a net profit of Rs534.1 million, a drop of 77% compared to Rs2.35 billion during the same period last year.

The company's revenue from contracts with customers decreased by 20%, from Rs39.74bn to Rs31.8bn.

The cost of sales also saw a notable reduction of 14.53%, amounting to Rs29.42bn, which contributed to a lower gross profit of Rs2.38bn, down by 55.21% compared to Rs5.31bn in the previous year.

Selling and distribution expenses declined by 12.57%, while administrative expenses decreased slightly by 2.6%.

Despite a significant drop in operating profit by 68%, the company faced a higher finance cost of 50.6%, amounting to Rs559.1mn.

Additionally, other expenses were reduced by 78.5%, reflecting a more efficient cost management approach.

The company reported a sharp decrease of 76.46% in profit before levies and income tax, which amounted to Rs826.6mn, compared to Rs3.51bn in the prior period.

Income tax expense also decreased by 71.7%, contributing to the overall reduction in profit.

Earnings per share for the period were recorded at Rs1.23, compared to Rs5.41 for the same period in 2023.

Condensed interim statement of profit or loss (un-audited) for the six months ended (Rupees in '000)	31-Dec-24	31-Dec-23	%Change
Revenue from contracts with customers	31,802,736	39,739,065	-20%
Cost of sales	(29,422,906)	(34,425,591)	-14.53%
Gross profit	2,379,830	5,313,474	-55.21%
Selling and distribution expenses	(827,980)	(947,074)	-12.57%
Administrative expenses	(229,832)	(235,962)	-2.6%
Operating profit	1,322,018	4,130,438	-68%
Finance cost	(559,149)	(371,287)	50.6%
Other expenses	(85,708)	(398,524)	-78.5%
Other income	149,453	150,462	-0.67%
Profit before levies and income tax	826,614	3,511,089	-76.46%
Profit before Income tax	826,614	3,386,040	-75.6%
Income tax expense	(292,521)	(1,033,475)	-71.7%
Profit for the year	534,093	2,352,565	-77.3%
Earnings per share - basic and diluted (Rupees)	1.23	5.41

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,313.86 435.47M	-0.08% -133.44
ALLSHR	103,015.58 1,065.49M	0.03% 32.70
KSE30	51,854.06 241.67M	0.04% 22.42
KMI30	242,259.69 133.89M	-0.76% -1853.91
KMIALLSHR	66,724.18 452.80M	-0.67% -452.45
BKTi	46,861.43 131.81M	1.70% 784.69
OGTi	33,615.26 10.50M	-1.02% -347.09

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	86,800.00	86,960.00 85,930.00	835.00 0.97%
BRENT CRUDE	60.08	60.67 59.75	0.40 0.67%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	2.30 2.59%
ROTTERDAM COAL MONTHLY	96.50	96.50 95.90	0.85 0.89%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	56.22	56.85 55.91	0.41 0.73%
SUGAR #11 WORLD	14.76	14.89 14.72	-0.06 -0.40%