ASTL - 1QFY24 Result Review - Consecutive loss this quarter, (AKD Off the Analyst's Desk Oct 27, 2023)
AKD, Off the Analyst's Desk ASTL - 1QFY24 Result Review - Consecutive loss this quarter Amreli Steels Limited announced its 1QFY24 results, where the company posted a loss of PkR173mn (LPS: PkR0.58), vs. a loss of PkR969mn (LPS: PkR3.26) in the previous quarter. This decrease in loss is mostly attributed to a tax benefit of PkR88mn in 1QFY24. • Topline for the quarter remained relatively flat at PkR10.9bn in 1QFY24 vs. PkR10.8bn for 4QFY23, while reflecting an increase of 1%/11% QoQ/YoY. The said increase is possibly due to a slight increase in volumes, taking into account slight uptick in construction given resurgence in the cement sector. • Given increasing cost of sales, GMs for the period also fell to 12.19% vs. 13.09% in 4QFY23, possibly due to higher power tariffs and raw material costs. • On the operating front, distribution costs fell by 7% QoQ to PkR245mn and administrative expenses fell by 11% QoQ to stand at PkR200mn. Other expenses increased significantly by 3.1x to PkR119mn. Finance costs saw a slight decrease of 6%QoQ to end at PkR1bn, introspecting a possible pay down of debt. • On the taxation front, the company registered a tax benefit of PkR88mn this quarter vs. a tax expense of PkR814mn in 4QFY23. AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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