ISL reports 83% YoY decline in net earnings in 1QFY23

MG News | October 24, 2022 at 02:59 PM GMT+05:00

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October 24, 2022 (MLN): International Steels Limited (ISL), a market leader in CRC and GI sheets has announced its financial performance for the quarter that ended on September 30, 2021, as per which the profits after tax (PAT) of the company plunged by 83.19% YoY to clock in at Rs448.45 million, compared to Rs2.66 billion in 1QFY22.

Accordingly, the company’s earnings per share moved down from Rs6.13 per share to Rs1.03 per share.

The notable decline in earnings was mainly attributable to lower volumes amid the flash floods and slowdown in the economy, while the surge in finance cost has also played its due share and contributed to lower profit.

The net revenue of the company decreased by 32.44%YoY to stand at Rs16.54bn mainly due to a drop in flat steel demand during the period.

On the costs front, distribution and administration expenses have come at Rs65.47mn and Rs67.57mn, down by 63.58% YoY and 20.10% YoY, respectively. On the other hand, other expenses jumped by almost 2.5x YoY to stand at Rs775mn.

On the back of monetary tightening by SBP, the finance cost of the company expanded by 5x YoY during 1QFY23 and stood at Rs862.55mn.

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