Amreli Steels Limited sustained losses to the tune of Rs678.44 million amid drop in sales and high cost of finance in fiscal year 2023 that ended June 30.
The company registered a profit of Rs1.32 billion in the same period last year (SPLY), according to its notice to the Pakistan Stock Exchange (PSX) on Friday.
Resultantly, loss per share (LPS) clocked in at Rs2.28 in the period under review compared to earnings per share (EPS) of Rs4.46 in SPLY.
The steel manufacturer’s net sales declined by nearly 22% to Rs45.5 billion during FY23, compared to Rs58.2 billion recorded in the prior year.
It also saw its gross profit dropped to Rs5.96 billion in FY23, down 8%.