ISL's Q1FY25 profit plummets 84% YoY

October 24, 2024 (MLN): International Steels Limited's (PSX: ISL) profit after tax fell 84% YoY to Rs179.42 million [EPS: Rs0.41] in the Q1FY25, as compared to a profit of Rs1.11 billion [EPS: Rs2.57] 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 around 30% YoY to Rs13.48bn as compared to Rs19.2bn in SPLY.

The cost of sales also fell 25% YoY but was not enough to offset the sales decline, worsening the gross profit by 63.28% YoY to Rs904.9m in Q1FY25.

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

During the period under review, other income increased by 20.64% YoY to stand at Rs150.6m in Q1FY25 as compared to Rs124.88m in SPLY.

On the expense side, the company observed a slight increase in administrative expenses by 6% YoY while other operating expenses decreased by 70.84% YoY to clock in at Rs113.74m and Rs42.32m respectively during the review period.

The company’s finance cost increased by 55.34% YoY and stood at Rs303.9m as compared to Rs195.68m in SPLY.

On the tax front, the company paid a lower tax worth Rs31.41m against the Rs656m paid in the corresponding period of last year, depicting a fall of 95% YoY.

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