ISL reports 77% drop in profit amid revenue decline

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MG News | January 29, 2025 at 12:29 PM GMT+05:00

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January 29, 2025 (MLN): International Steels Limited's (PSX: ISL) profit after tax fell 77.3% YoY to Rs534 million [EPS: Rs1.23] for the six months ended December 31, 2024, as compared to a profit of Rs2.35 billion [EPS: Rs5.41] 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 20% YoY to Rs31.8bn as compared to Rs39.7bn in SPLY.

The cost of sales also fell 14.53% YoY but was not enough to offset the sales decline, worsening the gross profit by 55% YoY to Rs2.4bn in 6MFY25.

The gross margins inched down to 7% as compared to 13% in SPLY.

During the period under review, other income inched down by 0.67% YoY to stand at Rs149.45m in as compared to Rs150.4m in SPLY.

On the expense side, selling and administrative costs were cut by 12.57% and 2.60%, respectively, indicating some cost-control efforts.

However, finance costs surged by 50.60%, putting additional pressure on profitability.

The company also benefited from a 78.49% reduction in other operating charges which partially cushioned the earnings decline.

The pre-tax profit plunged 76.46% to Rs826m, while tax expenses dropped by 71.70%, helping to limit the overall decline in net profit.

Financial Results for the six months ended December 31, 2024 ('000 Rupees)
  Dec-24 Dec-23 % Change
Revenue from contracts with customers 31,802,736 39,739,065 -19.97%
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) -2.60%
Finance costs  (559,149) (371,287) 50.60%
Other operating charges (85,708) (398,524) -78.49%
Other income 149,453 150,462 -0.67%
Profit before taxation for the year 826,614 3,511,089 -76.46%
Levies  -  (125,049)  -
Taxation  (292,521) (1,033,475) -71.70%
Profit after taxation for the year 534,093 2,352,565 -77.30%
Earnings per share - basic and diluted (Rupees) 1.23  5.41 -77.26%

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