Amreli Steels disappoints shareholders

amreli steelsRecently listed entity Amreli Steel Limited that sold its shares at premium disappointed the shareholders by not announcing payment of any interim dividend for the half year ended on 31st December 205.

Reportedly, the company’s profit after tax rose to Rs549 million (EPS: Rs2.34) for the period under review as compared to a profit of Rs170 million (EPS: Rs0.77) for the corresponding period a year ago.

A few takeaways from the results are: 1) nearly 23 percent decline in sales, 2) over 32 percent decrease in cost of sales and 3) over 48 percent increase in administrative expenses. However, the odds were partly offset by over 41 percent reduction in financial charges.


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