Amreli steel announced its September-2020 Quarterly result where it posted Net Profit of PKR110.6 Million (EPS:0.37) as compared to Loss of PKR 81.058 mn in same quarter last year.
Recovery in Construction activities post lifting of Lock-down led to Increase in sales of the company. Net Revenue increased by 30% to PKR 7.9 billion as compared to PKR 6 Billion in same quarter last year. Gross margins of the company marginally increased to 10.8%. However, the margins are still lower than the past average. Higher price of Raw Scrap contains any increase in the margins.
ASTL’s finance cost witnessed decline as Interest rates lowered during the period.
Continuous declining trend in ASTL’s profitability from 1QFY19 reversed in 1QFY21 due to strong recovery in volumes decline in finance cost due to abrupt 625bps rate cut, price increase for flat steel products due to recovery in international margins, 7% decline in imported scrap cost.
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