Karachi: The Board of Directors of International Steels Limited reviewed the unaudited financial results for the quarter ended September 30, 2024, at their meeting on October 24, 2024, at the company's registered office. The results show a substantial decrease in profit compared to the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), for the three months ending September 30, 2024, the company generated revenue from contracts with customers amounting to PKR 13.49 billion, a decrease from PKR 19.21 billion reported in the same period of 2023. The cost of sales also decreased to PKR 12.58 billion, down from PKR 16.74 billion, resulting in a gross profit of PKR 904.97 million compared to PKR 2.46 billion a year earlier.

Selling and distribution expenses amounted to PKR 384.75 million, an increase from PKR 368.37 million in 2023. Administrative expenses were slightly up at PKR 113.74 million from PKR 107.39 million. Total operating expenses for the quarter were PKR 498.49 million, compared to PKR 475.75 million the previous year.

Finance costs rose significantly to PKR 303.97 million from PKR 195.68 million, contributing to the overall decrease in profitability. Other operating charges were PKR 42.33 million, down from PKR 145.14 million. The company reported other income of PKR 150.66 million, an increase from PKR 124.89 million.

Profit before taxation stood at PKR 210.84 million, sharply down from PKR 1.77 billion in the previous year. After an income tax expense of PKR 31.41 million, profit after taxation was reported at PKR 179.43 million, compared to PKR 1.12 billion, marking a significant decline. Earnings per share were PKR 0.41, down from PKR 2.57.

The board did not recommend any dividends, bonus shares, rights shares, or other entitlements for the quarter, reflecting a cautious approach in light of the financial results.