Karachi, Amreli Steels Limited announced its financial results for the quarter ended March 31, 2024, during a board meeting held on April 26, 2024, in Karachi. The company declared no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for this period.

In its financial performance for the quarter, Amreli Steels reported a decrease in sales to Rs. 11,112,624,000 compared to Rs. 11,666,940,000 in the corresponding quarter of the previous year. The cost of sales also decreased slightly from Rs. 9,559,890,000 last year to Rs. 10,294,339,000. This resulted in a gross profit of Rs. 818,285,000, a significant drop from Rs. 2,107,050,000 in the previous year.

The company's distribution and administrative expenses increased to Rs. 319,714,000 and Rs. 202,370,000, respectively. Other income rose to Rs. 25,980,000 from Rs. 5,502,000. However, finance costs surged to Rs. 1,287,686,000 from Rs. 991,563,000, further impacting the bottom line.

Amreli Steels concluded the quarter with a loss before taxation of Rs. 936,167,000, a steep decline from a profit of Rs. 546,604,000 in the same quarter of the previous year. After accounting for taxation, the net loss for the period stood at Rs. 665,803,000, compared to a net profit of Rs. 475,713,000 in the previous year. Earnings per share also turned negative, with a loss of Rs. 2.24 per share compared to a gain of Rs. 1.60 per share last year.