Karachi: Agha Steel Industries Limited has reported its financial results for the first quarter ended September 30, 2026, revealing a marked decrease in turnover alongside continued operating losses. The company's financial statement, released on October 26, 2026, outlines the economic challenges faced during this period.

The steel producer's net turnover for the quarter stood at 1.44 billion rupees, a significant drop from the 2.16 billion rupees recorded in the same period of the previous year. This decrease in turnover has been categorized as a very large or significant move, indicating substantial changes in the company's sales performance over a year.

The cost of sales also saw a decline, from 2.49 billion rupees in 2025 to 1.77 billion rupees this year. Despite this reduction, Agha Steel Industries reported a gross loss of 322.31 million rupees, compared to 331.26 million rupees in the previous year.

Administrative expenses were reported at 83.04 million rupees, with selling and distribution costs at 77.37 million rupees, both figures showing a decrease from the prior year's expenditures. Finance costs remained high, at 739.29 million rupees, slightly increasing from 730.82 million rupees in 2025.

The company's operating loss was recorded at 1.22 billion rupees, slightly better than the previous year's 1.24 billion rupees. Agha Steel Industries reported other income of 50.86 million rupees, a rise from 17.97 million rupees in the last year, which contributed to a slight improvement in the overall loss before levy and taxation, amounting to 1.17 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), the levy for the quarter was 18.06 million rupees, a decrease from 27.75 million rupees in 2025. The loss before taxation was 1.19 billion rupees, with a net taxation benefit of 219.45 million rupees, leading to a loss after taxation of 969.76 million rupees. This represents an improvement compared to last year's loss after taxation of 1.17 billion rupees.

The company's earnings per share, both basic and diluted, improved to a loss of 1.34 rupees from 1.93 rupees in the previous year. Despite the improvement, the financial results highlight ongoing challenges within the steel market category, impacting Agha Steel Industries' financial performance significantly.