Revenue slump, cost hike hit Amreli Steels hard

News Image

By MG News | February 27, 2024 at 03:40 PM GMT+05:00

0:00

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

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 133,680.83
166.18M
0.23%
310.68
ALLSHR 83,360.67
614.42M
0.34%
279.51
KSE30 40,756.68
61.86M
0.13%
51.38
KMI30 192,607.30
70.62M
0.01%
26.63
KMIALLSHR 55,924.24
369.40M
0.16%
88.52
BKTi 36,505.60
10.19M
0.52%
188.43
OGTi 28,524.07
7.18M
-0.07%
-18.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,745.00 108,880.00
107,680.00
290.00
0.27%
BRENT CRUDE 69.53 69.55
69.03
-0.05
-0.07%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.90
3.07%
ROTTERDAM COAL MONTHLY 106.00 106.75
106.00
0.25
0.24%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.79 67.97
67.40
-0.14
-0.21%
SUGAR #11 WORLD 16.23 16.30
16.22
-0.05
-0.31%

Chart of the Day


Latest News
July 08, 2025 at 12:56 PM GMT+05:00

Oil prices dip after U.S. tariff moves, OPEC+ output hike


July 08, 2025 at 12:04 PM GMT+05:00

Saudi Riyal available at PKR 76.4 in open market


July 08, 2025 at 11:55 AM GMT+05:00

NBP leads Pakistan’s banks in shareholder value surge


July 08, 2025 at 11:39 AM GMT+05:00

Pakistan-Afghanistan railway talks progress


July 08, 2025 at 10:42 AM GMT+05:00

Pakistan moves to regulate crypto with PVARA approval



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg