Int’l Steels net profit down by 41% in 1QFY23

ISLAMABAD: International Steels Limited’s revenue from sales decreased by 29% and stood at Rs 6.3 billion in the first quarter of the ongoing Financial Year 2022-23 (1QFY23) compared to Rs8.9 billion in the corresponding period of the previous fiscal.
Domestic sales volume shrunk as the economy remained subdued as a consequence of stringent fiscal measures adopted by the higher authorities and further exacerbated by challenges posed by the aftermath of catastrophic floods as well as political instability. Hence, the gross profit also decreased by 26% to Rs888 million in 1QFY23 from Rs1.19 billion recorded in 1QFY22.
The company posted a net profit of Rs. 1.03 billion in 1QFY23 against Rs1.76 billion over the corresponding period of FY22, 41% down year-on-year, reports WealthPK.
Performance in 2021-22

During the Fiscal Year 2021-22, the company’s gross sales went up to Rs37.85 billion from Rs28.9 billion in FY21, posting a massive increase of 31% year-on-year.
The gross profit for FY22 stood at Rs 4.67 billion, 17% up from Rs3.97 billion in FY21.
The profit after tax for the year went down by 7% to Rs2.1 billion from Rs2.3 billion in FY21, reports. –Agencies