KARACHI: Aisha Steel Mills Limited (ASL) unveiled its 3QFY19 ended March 31, 2019 financial results wherein the company recorded loss after tax of PKR 100 million translating into loss per share (LPS) of PKR 0.13 versus profit after tax of PKR 305 million and EPS PKR 0.40 registered in the same quarter last year.[the_ad id=”32940″]Net earnings of Aisha Steel Mills plummeted in 3QFY19 owing to hefty decline in gross margins (-13ppsYoY) owing to considerable rise in input costs during the quarter.
Sales revenue of the company expanded by 23% YoY in 3QFY19 to PKR 5.942 billion as compared to PKR 4.841 million during the same quarter last year.
Gross profits settled at a mere PKR 241 million in 3QFY19 as compared to PKR 812 million in the corresponding quarter of last year, down 70% YoY. Moreover, gross level margins clocked in at a meager 4% in 3QFY19 as compared to 17% in 3QFY18.
Finance cost rose by a considerable 73% YoY to PKR 488 million during the quarter which further eroded company’s bottom-line.