Aisha Steel Mills Limited
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND | ||||
OTHER COMPREHENSIVE INCOME | ||||
FOR THE HALF YEAR ENDED DECEMBER 31, 2022 - (UNAUDITED) | ||||
Quarter ended | Half year ended | |||
December 31, | December 31, | December 31, | December 31, | |
2022 | 2021 | 2022 | 2021 | |
Rupees '000 | ||||
Revenue from contracts with customers | 9,143,200 | 13,573,527 | 15,685,716 | 31,580,592 |
Cost of sales | (9,567,482) | (13,121,172) | (15,957,379) | (28,920,114) |
Gross (loss) / profit | (424,282) | 452,355 | (271,663) | 2,660,478 |
Selling and distribution cost | (22,499) | (81,272) | (46,540) | (226,813) |
Administrative expenses | (106,986) | (121,787) | (200,373) | (202,864) |
Operating (loss) / profit | (553,767) | 249,296 | (518,576) | 2,230,801 |
Other expenses * | 172,516 | (176,393) | (1,082,181) | (650,973) |
Other income | 47,668 | 31,506 | 60,675 | 37,573 |
Finance costs ** | (765,195) | (528,392) | (1,574,968) | (1,026,619) |
(Loss) / profit before tax | (1,098,778) | (423,983) | (3,115,050) | 590,782 |
Income tax credit / (expense) | 412,445 | 138,030 | 1,017,379 | (138,911) |
(Loss) / profit for the period | (686,333) | (285,953) | (2,097,671) | 451,871 |
Other comprehensive income | - | - | - | - |
Total comprehensive (loss) / income | (686,333) | (285,953) | (2,097,671) | 451,871 |
Rupees | ||||
(Loss) / earnings per share | ||||
- Basic | (0.72) | (0.36) | (2.31) | 0.53 |
- Diluted | - | (0.29) | - | 0.50 |
* Other Expenses Note
During the period ended December 31, 2022, out of the Rs. 1,081 million recorded as accounting exchange loss, Rs. 662 million pertains to the unsold materials the Company held either under transit or at its plant. The remaining Rs. 419 million is attributable to materials that has been converted to finished products and sold during the period ended December 31, 2022. The Company is normally able to sell the finished products at prices that incorporate the cost of materials converted at the actual exchange rates at which payment is made to supplier. The Company has subsequently increased selling price and expects to recover this exchange loss in next reporting period(s).
** Finance Costs Note
The State Bank of Pakistan vide its circular letter no. 9 of 2022 dated April 7, 2022 has imposed requirement of 100% cash margin to be deposited in current account of banks for opening of letter of credits for import of hot rolled coils. As a result of this requirement, we were required to incur finance charges on arrangement of cash margin deposited with the banks. Finance cost includes Rs. 102 million incurred meeting this requirement.
Chief Financial Officer