October 26, 2018 (MLN): Aisha Steel Mills Limited’s (ASL) profits have declined by 60.96% for the quarter ended 30th September 2018, as compared to corresponding period last year. The growth in profits was hindered by reduced top-line earnings.
According to the notification issued to PSX, the sales revenue decreased by 27.08%, which ultimately led to the gross profits being pulled down by 33.12%, even though the cost of sales decreased by a considerable margin of 25.79% as well.
The Distribution and Administrative expenses both up surged by 19.32% and 39.93% respectively, whereas the non-core income slithered by 69.39%. These variations greatly hampered the financial position of the company.
While the Finance cost increased by 25.96%, the taxation expenses on the other hand decreased substantially by 76.43%, curbing some of the damage caused by other factors.
The overall impact on the ultimate profits, nonetheless, turned out to be negative i.e. Rs. 188 million less than the corresponding period last year.
The Earnings per share for the quarter ended 30th September 2018 were 0.14, 65% down by previous year.
Profit and loss account for the quarter ended September 30th 2018 (Rupees’000) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change |
Revenue | 3,090,754 | 4,238,592 | -27.08% |
Cost of sales | -2,592,065 | -3,492,917 | -25.79% |
Gross profit | 498,689 | 745,675 | -33.12% |
Selling and distribution cost | -5,121 | -4,292 | 19.32% |
Administrative expenses | -62,424 | -44,611 | 39.93% |
Other expenses | -11,793 | -34,985 | -66.29% |
Other income | 2,668 | 8,716 | -69.39% |
Finance cost | -265,896 | -211,103 | 25.96% |
Profit before taxation | 156,123 | 459,400 | -66.02% |
Taxation | -35,401 | -150,172 | -76.43% |
Profit for the period | 120,722 | 309,228 | -60.96% |
Earnings per share (Rupees) | 0.14 | 0.40 | -65.00% |
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