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Lahore, Beco Steel Limited disclosed its financial outcomes for the third quarter ended March 31, 2024, following a Board of Directors meeting at its headquarters on Peco Road, Lahore on April 29, 2024. The company reported no dividends, bonus shares, rights shares, or any other corporate action.
For the nine months ending March 31, 2024, Beco Steel Limited recorded a total revenue of 2,781,166,825 rupees compared to 3,377,539,277 rupees for the same period in the previous year. The company’s costs of sales also decreased from 3,526,040,978 rupees last year to 2,679,606,004 rupees.
The quarterly report indicates a gross profit of 101,560,821 rupees, recovering from a loss of 148,501,701 rupees in the corresponding period last year. The profit for the quarter ended March 31, 2024, was 50,406,717 rupees, compared to a loss of 225,926,611 rupees during the same quarter the previous year.
Additionally, the company’s administrative and general expenses were reduced to 51,006,514 rupees from 72,179,197 rupees year-over-year. After accounting for financial costs and taxes, the net profit after taxation stood at 10,287,546 rupees, a significant improvement over last year’s loss of 266,798,878 rupees. The earnings per share for the quarter were 0.27 rupees, compared to a loss of 9.38 rupees per share in the previous year.