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

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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.