Karachi, In a recent meeting held on August 09, 2023, the Board of Directors of Crescent Steel and Allied Products Limited reviewed and approved the Annual Audited Financial Statements for the year ended June 30, 2023. The financial results revealed several key insights about the company’s performance during the fiscal year.

Unconsolidated Financial Performance:

The company reported total sales of Rs. 4,515,598,000, a decrease from the previous year’s sales of Rs. 7,089,908,000. The decline in sales was attributed to a reduction in sales tax, with the company reporting Rs. 767,182,000 in sales tax for the fiscal year. Cost of sales amounted to Rs. 3,739,705,000, resulting in a gross profit of Rs. 775,893,000. The company also reported an operating profit before finance costs of Rs. 594,241,000. However, after accounting for finance costs of Rs. 359,960,000, the company’s profit before taxation stood at Rs. 234,281,000. After considering taxation charges, the company’s profit for the year was Rs. 176,857,000.

Consolidated Financial Performance:

Crescent Steel and Allied Products Limited also provided its consolidated financial results for the same period. The company’s consolidated statement of profit and loss revealed a net comprehensive loss of Rs. 189,005,000, including both items that may be reclassified subsequently to profit or loss and those that will not be reclassified. This loss was mainly due to changes in the fair value of equity investments and a loss on the premeasurement of staff retirement benefit plans.

Dividend and Bonus Issue:

The Board of Directors recommended no cash dividend, bonus issue, or right shares for the shareholders.

Share Transfer Book Closure:

The company announced that the share transfer books would remain closed from October 20, 2023, to October 26, 2023, inclusive. During this period, no share transfers would be processed.