Karachi August 18 2022: Amreeli Steel Limited (PSX: ASTL), the largest steel manufacturer in Pakistan by capacity, reported loss of PKR 509 million in the quarter ended June 30 2022, according to company filling to the exchange.
The share price drop PKR 1.96 or 6.35% to trade at PKR 28.9 at PST 14:50 after the result announcement.
Company earned gross profit of PKR 1.39 billion in Q4 2022 when compared with gross profit of PKR 1.29 billion in the same period last year. But this increase in margins on higher selling prices was not sufficient to cover increase in distribution and finance cost.
ASTL reported loss before taxation of PKR 37 during the quarter ended June 30 2022 against profitability before tax of PKR 456 million last year. Tax expense of the company increased to PKR 471 million due to imposition of super tax in the Finance Act 2022.
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.
