ISL reports 77% drop in profit amid revenue decline
MG News | January 29, 2025 at 12:29 PM GMT+05:00
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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