September 08, 2023 (MLN): Amreli Steels Ltd. (PSX: ASTL) unveiled its financial statement for the year ended 30 June 2023, wherein the loss after tax clocked in at 678.44 million [LPS: Rs2.28], compared to a profit of Rs1.33 billion [EPS: Rs4.46] in the previous year.
Going by the results, the company's top line decreased by 21.81% YoY to Rs45.49bn as compared to Rs58.18bn in SPLY.
The cost of sales also fell by 23.53% YoY but was not enough to offset the sales decline, worsening the gross profit by 8.15% YoY to Rs5.96bn in FY23.
During the period under review, other income fell by 66.08% YoY to stand at Rs8.31m in FY23 as compared to Rs24.51m in SPLY.
On the expense side, the company observed a decrease in distribution cost by 16.19% YoY and other expenses by 54.89% YoY to clock in at Rs1.01bn and Rs84.1m respectively during the review period.
The company’s finance costs soared by 74.83% YoY and stood at Rs4.03bn as compared to Rs2.31bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs652.57m against the Rs752.55m paid in the corresponding period of last year, depicting a fall of 13.29% YoY.
Unconsolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
---|---|---|---|
June 23 | June 22 | % Change | |
Sales | 45,492,724 | 58,184,282 | -21.81% |
Cost of sales | (39,530,560) | (51,692,795) | -23.53% |
Gross Profit | 5,962,164 | 6,491,487 | -8.15% |
Distribution cost | (1,008,778) | (1,203,640) | -16.19% |
Administrative expenses | (751,114) | (735,971) | 2.06% |
Allowance for expected credit losses | (119,602) | (5,177) | 2210.26% |
Other Income | 8,312 | 24,507 | -66.08% |
Other expenses | (84,097) | (186,445) | -54.89% |
Finance cost | (4,032,761) | (2,306,697) | 74.83% |
Loss/Profit before taxation | (25,876) | 2,078,064 | – |
Taxation | (652,567.00) | (752,549.00) | – |
Net loss/profit for the period | (678,443) | 1,325,515 | – |
Basic loss/earnings per share | (2.28) | 4.46 | – |
Amount in thousand except for EPS
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Posted on:2023-09-08T12:30:05+05:00
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