KARACHI: International Steels Limited (ISL) announced a net profit of Rs1.16 billion in the first half ended December 31, 2016, compared with a loss of Rs78 million in the same period last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) increased to Rs2.67 compared to loss per share of Rs0.18. ISL share price declined by 4.99% on Tuesday, closing at Rs111.93. KSE-100 index closed at 49,968, up 92 points or 0.19%.
For the second quarter of fiscal year 2017 (2QFY17), the company reported a net profit of Rs594 million (or EPS of Rs1.37 per share) compared with Rs124 million (or EPS of Rs0.29 per share) recorded in the second quarter of fiscal year 2016 (2QFY16), up by 378% year-on-year.
Moreover, net sales during the first half of fiscal year 2017 (1HFY17) increased by 82% year-on-year to Rs15.22 billion compared with Rs8.37 billion in the preceding year attributable to higher demand in Pakistan, according to a research report of Summit Capital. Meanwhile, gross margin improved to 18.62% in first half of fiscal year 2017 (1HFY17) compared to 3.8% in the same period last year.
ISL was incorporated in 2007 to produce flat steel products. The $165 million investment has equity contributions from Sumitomo Corporation, JFE-Japan and the International Finance Corporation.