International Steel announces 20 percent decline in profit

International Steel announces 20 percent decline in profit

KARACHI: International Steel Limited (ISL) declared 20 percent decline in profit after tax for the first half ended December 31, 2018, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday.

The net profit of the company fell to Rs1.75 billion for the period July – December 2018 as compared with Rs2.2 billion in the corresponding period of the last year.

Net sales of the company rose to Rs24.78 billion during first half of current fiscal year as compared with Rs22.2 billion in the same period of the last fiscal year. The cost of sale has also increased to Rs21.71 billion from Rs18.39 billion.

Therefore, the gross profit of the company registered decline to Rs3.06 billion for the first half of the current fiscal year as compared with Rs3.8 billion in the corresponding period of the last year.

The company paid Rs267.4 million as tax during first six months of the current fiscal year as compared with Rs858 million in the same period of the last year.

The company declared Rs4.02 earnings per share for the period under review as compared with Rs5.02 EPS in the same period of the last fiscal year.

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