ISL reports 77% drop in profit amid revenue decline

By 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% |
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 133,587.85 113.65M |
1.24% 1638.78 |
ALLSHR | 83,025.68 302.62M |
1.17% 956.42 |
KSE30 | 40,809.83 32.68M |
1.05% 422.07 |
KMI30 | 192,122.38 33.64M |
0.39% 745.55 |
KMIALLSHR | 55,620.38 145.42M |
0.77% 426.41 |
BKTi | 36,820.90 19.53M |
2.77% 992.66 |
OGTi | 28,425.06 0.98M |
-0.07% -21.29 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 109,550.00 | 110,525.00 107,865.00 |
-865.00 -0.78% |
BRENT CRUDE | 68.03 | 68.10 67.22 |
-0.27 -0.40% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
0.75 0.78% |
ROTTERDAM COAL MONTHLY | 106.00 | 106.00 105.85 |
-2.20 -2.03% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 66.30 | 67.18 65.40 |
-0.70 -1.04% |
SUGAR #11 WORLD | 16.37 | 16.40 15.44 |
0.79 5.07% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|