Karachi February 24 2022: Amreeli Steel Limited (PSX: ASTL), the largest steel manufacturer in Pakistan by capacity, reported loss of PKR 388 million in the quarter ended December 31 2022 on economic slowdown and rupee uncertainty, according to company filling to the exchange.
The share price drop 75 paisa or 4.13 percent to trade at PKR 17.39 at PST 16:20 after the result announcement.
Company earned gross profit of PKR 853 million in Q2 2022 when compared with gross profit of PKR 1.69 billion in the same period last year. This decrease in margins is due to lower sales which were not enough to cover increase in distribution and finance cost.
Pakistan overall Large Scale Manufacturing Sector has shown a decline of 3.68 percent during July to December 2022-23 when compared with the same period of last year while Iron and Steel manufacturing slow down by 2.23 percent in the same period.
ASTL reported loss before taxation of PKR 631 during the quarter ended December 31 2022 against profitability before tax of PKR 1,162 million last year. Company booked tax reversal of PKR 242 million compared with tax expense of PKR 90 million last year.
Amreli Steels Limited was incorporated in 1984 as a private limited company and converted into a public unquoted company in 2009. The Company is mainly engaged in manufacture and sale of steel bars and billets.
