Karachi September 23 2024: Amreli Steel Limited, largest billet manufacturer of Pakistan, reported a loss of PKR 4.8 billion in the fourth quarter of the fiscal year 2024, wiping out its lifetime profits, according to the company’s filing with the exchange.
Share price of the company fell PKR 2.22 or 9.68 percent after the result announcement at Pakistan Stock Exchange.
The company generated revenue of PKR 5.3 billion in the quarter, marking its lowest since the last quarter of June 2022 and nearly half of what it earned in the same quarter last year.
For the first time in its history, Amreli Steel recorded a gross loss. Despite a 11.8% increase in interest income to PKR 1.2 billion during the quarter, the reported loss of PKR 4.8 billion effectively eliminated all accumulated profits.
Amreli Steel’s two re-rolling plants situated at S.I.T.E. Karachi and Dhabeji are using one of the most modern hot re-rolling technologies in the industry with a nameplate capacity of 180,000 metric tons and 425,000 metric tons of rebars per annum respectively. The melt shop is situated in industrial zone at Dhabeji, Port Qasim, is constructed on 65 acres of land and has a nameplate capacity of 600,000 metric tons per annum .
