Aisha Steel Mills : ASML Announcement - Financial Results for the Half Year Ended 31st December 2022
February 26, 2023 at 11:31 pm EST
Share
Aisha Steel Mills Limited
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED DECEMBER 31, 2022 - (UNAUDITED)
Quarter ended
Half year ended
December 31,
December 31,
December 31,
December 31,
2022
2021
2022
2021
Rupees '000
Revenue from contracts with customers
9,143,200
13,573,527
15,685,716
31,580,592
Cost of sales
(9,567,482)
(13,121,172)
(15,957,379)
(28,920,114)
Gross (loss) / profit
(424,282)
452,355
(271,663)
2,660,478
Selling and distribution cost
(22,499)
(81,272)
(46,540)
(226,813)
Administrative expenses
(106,986)
(121,787)
(200,373)
(202,864)
Operating (loss) / profit
(553,767)
249,296
(518,576)
2,230,801
Other expenses *
172,516
(176,393)
(1,082,181)
(650,973)
Other income
47,668
31,506
60,675
37,573
Finance costs **
(765,195)
(528,392)
(1,574,968)
(1,026,619)
(Loss) / profit before tax
(1,098,778)
(423,983)
(3,115,050)
590,782
Income tax credit / (expense)
412,445
138,030
1,017,379
(138,911)
(Loss) / profit for the period
(686,333)
(285,953)
(2,097,671)
451,871
Other comprehensive income
-
-
-
-
Total comprehensive (loss) / income
(686,333)
(285,953)
(2,097,671)
451,871
Rupees
(Loss) / earnings per share
- Basic
(0.72)
(0.36)
(2.31)
0.53
- Diluted
-
(0.29)
-
0.50
* Other Expenses Note
During the period ended December 31, 2022, out of the Rs. 1,081 million recorded as accounting exchange loss, Rs. 662 million pertains to the unsold materials the Company held either under transit or at its plant. The remaining Rs. 419 million is attributable to materials that has been converted to finished products and sold during the period ended December 31, 2022. The Company is normally able to sell the finished products at prices that incorporate the cost of materials converted at the actual exchange rates at which payment is made to supplier. The Company has subsequently increased selling price and expects to recover this exchange loss in next reporting period(s).
** Finance Costs Note
The State Bank of Pakistan vide its circular letter no. 9 of 2022 dated April 7, 2022 has imposed requirement of 100% cash margin to be deposited in current account of banks for opening of letter of credits for import of hot rolled coils. As a result of this requirement, we were required to incur finance charges on arrangement of cash margin deposited with the banks. Finance cost includes Rs. 102 million incurred meeting this requirement.
Chief Financial Officer
Attachments
Original Link
Original Document
Permalink
Disclaimer
Aisha Steel Mills Ltd. published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 04:30:02 UTC.
Aisha Steel Mills Limited is a Pakistan-based producers of flat steel products. The principal activity of the Company is manufacturing and selling cold rolled steel coils and hot dipped galvanized coils. It produces cold rolled steel coils and hot dipped galvanized steel coils in Pakistan. The Cold Rolled Coil (CRC) mills has an annual production capacity of approximately 700,000 metric tons/annum. Its Hot Dipped Galvanized Coils (HDGC) products are offered to the building and construction sector; home/electrical appliances; heating, ventilation, and air conditioning (HVAC); furniture; ceiling; and canopies, among others. It produces HDGC and sheets in SGCC, SGCH and SGCD grades. Its Cold Rolled Coils (CRC) have applications in various sectors, including auto, engineering, appliances, and pipe manufacturing. It uses Electrolytic Cleaning Line (ECL) for auto grade sector. It produces CRC of international standards from imported Hot Rolled Coils (HRC).