MLCF nets Rs3.82bln for FY21

KARACHI: Maple Leaf Cement Factory Limited (MLCF) on Friday said it earned Rs3.82 billion for the year ended June 30, 2021 on the back of an increase in the sales and a drop in the cost.

The cement maker had turned a loss of Rs3.55 billion the previous year.

Earnings per share (EPS) came in at Rs3.49, compared to loss per share of Rs3.89 last year.

The company said its sales for the year rose to Rs35.64 billion, compared with Rs29.11 billion a year earlier.

The other income for the period increased to Rs223.01 million. That compared to Rs145.87 million the last year.

The cost of sales also decreased to Rs27.03 billion, compared with Rs28.50 billion, the company said.

Brokerage Insight Research said the result was in line with their expectations.

On an unconsolidated basis, profits stood higher from consolidated levels, mainly attributable to dividend income from the power subsidiary.

ASL posts annual profit of Rs1.36bln

Amreli Steels Limited (ASL) said it made a net profit of Rs1.36 billion for the year ended June 30, 2021 against a loss of Rs1.24 billion incurred previous year.

The EPS clocked in at Rs4.61 against loss per share Rs4.18 last year.

The company said its sales for the year rose to Rs39.21 billion, compared to Rs26.53 billion a year earlier.

During this period, other income increased to Rs45.72 million from Rs8.16 million.

Brokerage KASB Research in a report said the result was ahead of the market consensus of an EPS of Rs1.2.

The deviation was mainly on account of better steel off-take and gross margins, it added.

The brokerage said they expected rising steel scrap prices along with rock-solid long steel demand would push Amreli Steels to further raise steel prices over Rs180,000/ton over the course of the next six months that would improve company's topline and bottomline.