Karachi September 8 2023: Amreli Steels Limited, Pakistan second largest rebar manufacturer, reported loss of PKR 678 million for the fiscal year 2023 on higher finance cost, according to company filing to the exchange.
Share price of the company drop 30 paisa or 1.51 percent after the announcement at Pakistan Stock Exchange.
Sales of the company dropped 21 percent to PKR 45.4 billion in fiscal year 2023 when compared with sales of PKR 58.1 billion last year due to lower volumetric sales. Gross margins of the company rose to 13.1 percent in fiscal year 2023 when compared with 11.1 percent of last year.
Amreli Steel booked finance cost of PKR 4.0 billion for the year which is 73.9 percent higher when compared with interest expense of PKR 2.3 billion last year. Company booked tax expense of PKR 652 million despite posting loss before tax.