Crescent Steel’s profit and EPS increased in 9MFY22

Crescent Steel and Allied Products Limited have stated that during the nine months ended 31 March 2022 (9MFY22), the Company’s after-tax profit amounted to Rs 817.9 million compared to an after-tax profit Rs. 362.5 million in 9MFY21.

Earnings per share (EPS) for 9MFY22 was Rs. 10.54 per share compared to EPS of Rs. 4.67 in 9MFY21.

The Company’s sales revenue for the 9MFY22 stood at Rs. 5,097.8 million (9MFY21: Rs. 5,723.7 million) generating a gross profit (GP) of Rs. 131.5 million (9MFY21: GP of Rs. 626.3 million), which was 2.6 percent of sales compared to 10.8 percent in 9MFY21.

Steel division, Cotton division, Hadeed (Billet) division and CS Energy division generated 24.7 percent, 35.7 percent, 10.0 percent and 29.6 percent of the total sales, respectively. Turnover of the Steel division was Rs. 1,260.7 million (9MFY21: Rs. 2,657.8 million). Cotton Division posted a turnover of Rs. 1,817.6 million (9MFY21: Rs. 1,406.6 million), an increase of 29.2 percent. During 9MFY22, the gross loss of the Steel division amounted to Rs. 115.5 million (9MFY21: GP of Rs. 455.5 million), whereas Cotton Division reported a GP of Rs. 249.5 million (9MFY21: Rs. 161.8 million).

The Steel Division reported a Loss before tax (LBT) of Rs. 420.9 million (9MFY21 PBT: Rs. 193.6 million). Cotton Division reported a PBT of Rs. 195.4 million (9MFY21 PBT: Rs. 132.1 million). IID Division reported a PBT of Rs. 1,103.6 million (9MFY21 PBT: Rs. 171.6 million) mainly due to dividend from Altern Energy Limited amounting to Rs. 1,122.3 million.

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