KARACHI: Aisha Steel Mills Limited (ASML) earned a net profit of Rs421 million in the third quarter ended March 31, up by a massive 501% from Rs70 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) increased to Rs0.96 from an EPS of Rs0.04 in the period under review.
The KSE-100 index closed at 49,300, down 180 points or 0.37%, due to profit-taking and falling oil prices in the international market. Consequently, Aisha Steel’s share price closed lower at Rs25.37, down 2.72%.
Cumulatively, during the first nine months of fiscal year 2016-17, earnings clocked in at Rs972 million (or an EPS of Rs2.05) compared with a loss of Rs484 million (or a Loss Per Share (LPS) of Rs2.47) in the corresponding period of the previous year.
Earlier, the company announced expansion plans in October 2016 and February 2017. However, the notice said that the company board meeting will be reconvened on Saturday to approve a revised expansion plan as well as to consider the requirement of additional capital, if any.
ASML is a Group Company of Arif Habib. It is a cold rolling complex with a nameplate capacity of 220,000 tons per year. ASML is one of the largest private sector investments in the value added flat-rolled steel industry in Pakistan.
ASML was incorporated in 2005 and its market share in cold rolled steel coils in the country is now over 50%. ASML has also entered into a strategic tie-up-with Mitsubishi Corporation to assist in and ensure seamless marketing, sales, and distribution of its products.
Published in The Express Tribune, April 29th, 2017.