KARACHI: International Steels’ profit plunged 72% to Rs655.6 million in the nine-month period ended March 31, 2020.
The company had reported a profit of Rs2.359 billion in the corresponding period of previous financial year, according to a notice sent to the Pakistan Stock Exchange on Wednesday. Earnings per share of the steel manufacturer fell to Rs1.51 in Jul-March FY20 against Rs5.42 in the same period of last year.
The steel manufacturer reported net sales of Rs38 billion in Jul-Mar of current financial year, which was 9.5% lower than Rs42 billion in the same period of last year.
On the other hand, gross profit of the company declined 26% to Rs3.4 billion in the nine months under review compared to Rs4.6 billion in the same period of previous year. Selling and distribution expenses increased from Rs470 million last year to Rs731 million in the current year, a rise of 55%. Finance cost soared from Rs1 billion last year to Rs1.7 billion in Jul-Mar FY20.
Other income of International Steels decreased 65% from Rs124 million in the previous year to Rs43 million in the current year.
International Steels posted a profit of Rs189 million in the quarter ended March 31, 2020 compared to Rs611 million in the same quarter of 2019, a plunge of 69%.
Earnings per share came in at Rs0.44 in Jan-Mar FY20 against Rs1.41 in the same quarter of previous year. The company reported a decrease of 18.75% in net sales to Rs13 billion in the quarter under review against Rs16 billion in the same quarter of previous year.
The steel manufacturer reported gross profit of Rs1.2 billion in Jan-Mar FY20 against Rs1.5 billion in the same quarter of previous year.
Published in The Express Tribune, April 16th, 2020.
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