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Karachi, International Steels Limited (ISL) today reported financial results for the first quarter ended March 31, 2024, with no new dividends or share entitlements announced. The Board of Directors, in a meeting on April 23, confirmed that there would be no cash dividends, bonus shares, right shares, or any other corporate actions. Further detailed financial results have been released and will be available on the company’s website and transmitted through PUCARS.
For the nine months leading up to March 31, 2024, ISL posted a revenue of 56,015,069 thousand Rupees, slightly down from the 57,824,271 thousand Rupees in the previous year. The revenue for the quarter alone stood at 16,276,004 thousand Rupees compared to 23,898,389 thousand Rupees for the same period in 2023. Despite reduced revenue, the company managed a gross profit of 7,225,550 thousand Rupees for the nine months, though this represented a decrease from 6,149,181 thousand Rupees year-over-year.
Cost of sales was reported at 48,789,519 thousand Rupees for the nine months, an increase from the 51,675,090 thousand Rupees in the previous year, reflecting higher operational costs. This increase was mirrored in the quarterly figures, with cost of sales for the three months ending March 31, 2024, at 14,363,928 thousand Rupees compared to 20,724,495 thousand Rupees in the prior year.
Operational expenses, including selling, distribution, and administrative expenses, totaled 2,055,990 thousand Rupees for the nine months, a slight decrease from 692,892 thousand Rupees in the previous year. Finance costs and other operating charges also showed significant fluctuations, with finance costs increasing dramatically to 557,804 thousand Rupees from 2,046,705 thousand Rupees year-over-year.
After accounting for taxation, ISL’s profit after taxation for the nine months was 3,058,263 thousand Rupees, down from 1,576,797 thousand Rupees in the prior year. The earnings per share also decreased slightly from 7.03 Rupees to 3.62 Rupees.