International Steels Limited posts 23pc decline in profits | CustomNews.pk

International Steels Limited posts 23pc decline in profits

KARACHI: International Steel Limited (ISL) has announced a net profit of Rs907.1 million for the quarter ended December 31, 2018, which is 23 percent lower than the profit of Rs1.178 billion in the same period last year. The earnings per share (EPS) for the quarter under review clocked in at Rs2.09 compared with the EPS of Rs2.71 in the same period last year. International Steels Limited (ISL) also declared a cash dividend of Rs1.5/share along with the corporate announcement. The sales revenue for the quarter stood at Rs13.54 billion compared with the revenue of Rs2.018 billion in the quarter ended December 31, 2017. “Decline in margin was due to increase in low margin export sales, lower domestic volumes, and lower average selling prices. Further, finance cost rose by 1.56 times due to increase in borrowings made to meet working capital requirement, while taxes on the other hand saw a decline of 1.1 times, as company has likely utilized tax credit under section 65(B) of income tax ordinance,” a report issued by Taurus Securities said. [the_ad id="31605"]
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