Revenue slump, cost hike hit Amreli Steels hard
MG News | February 27, 2024 at 03:40 PM GMT+05:00
February 27, 2024 (MLN): Amreli Steels Ltd. (PSX: ASTL) posted a wider loss in the first half of fiscal 2024 as revenue failed to lift off while expenses surged.
The steel manufacturer incurred a loss after tax of Rs605.17 million [LPS: Rs2.14] in the six months ended December 31, 2023, compared to a loss of Rs184.74m [LPS: Rs0.62] in the same period last year (SPLY).
Going by the results, the company's top line marked a decrease of 3.39% YoY to Rs22.25bn as compared to Rs23.03bn in SPLY.
However, the cost of sales also declined 4% YoY to Rs19.8bn, boosting gross profit by 1.7% YoY to Rs2.5bn. Gross margin improved to 11.2% from 10.6%.
Other income plunged 69% YoY to Rs2.11m in 1HFY24 as compared to Rs6.9m in SPLY.
On the expense side, administrative expenses jumped 32% YoY to Rs441.5m and other expenses soared 5.76x YoY to Rs122.9m.
Finance cost increased 15.5% YoY to Rs2.26bn as interest rates rose in the period.
On the tax front, the company paid a higher tax worth Rs290.09m against the Rs232.41m paid in the corresponding period of last year, depicting an increase of 24.82% YoY.
| Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 22,251,024 | 23,030,883 | -3.39% |
| Cost of sales | (19,767,428) | (20,588,408) | -3.99% |
| Gross Profit | 2,483,596 | 2,442,475 | 1.68% |
| Administrative Expenses | (441,460) | (334,626) | 31.93% |
| Selling And Distribution Expenses | (553,444) | (499,045) | 10.90% |
| Other Income | 2,113 | 6,898 | -69.37% |
| Other Operating Expenses | (122,942) | (21,348) | 475.89% |
| Finance Cost | (2,263,129) | (1,958,972) | 15.53% |
| Loss before taxation | (895,266) | (417,158) | 114.61% |
| Taxation | 290,094 | 232,414 | 24.82% |
| Net Loss for the period | (605,172) | (184,744) | 227.57% |
| Basic earnings/ (loss) per share | (2.14) | (0.62) | - |
Amount in thousand except for EPS
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