Aisha Steel Mills posts profit of Rs1.01b

Company endured a loss of Rs157m in the previous year

Our Correspondent September 26, 2017

KARACHI: Aisha Steel Mills Limited earned a net income of Rs1.01 billion in the fiscal year ended on June 30, compared to a loss of Rs157 million in the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

Earnings per share (EPS) remained Rs1.74 (basic) compared to a loss per share (LPS) of Rs1.35 in the same period of the previous year.

Aisha Steel Mills' earnings soar 501%

The KSE-100 index closed at 42,743, down 6 points or 0.02% on the first trading day of the week. Aisha Steel’s share price closed at Rs19.29, up 0.62%.

The company revenue increased to Rs14 billion in fiscal year 2017 compared with Rs9.6 billion in the previous year. It paid a tax of Rs137 million in FY17 compared to Rs37 million in the previous year.

Aisha Steel is a Group Company of Arif Habib. It is a cold rolling complex with a nameplate capacity of 220,000 tons per year. It is one of the largest private sector investments in the value added flat-rolled steel industry in Pakistan.

Pakistan Steel Mills directed to sell inventory to settle debt

The company 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, September 26th, 2017.

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