International Steels profit up 158pc

KARACHI: International Steels Limited (ISL) has announced a net profit of Rs3.044 billion for the year ended June 30, 2017, which is 158 percent higher than Rs1.178 billion recorded in the previous year, a bourse filing said on Tuesday.

According to the notice sent to Pakistan Stock Exchange (PSX), the steelmaker  earnings per share (EPS) for the year stood at Rs7.0 as against Rs2.71 a year earlier. The ISL also declared a final cash dividend of Rs1.0/share, which is in addition to interim dividend of Rs2.5/share already paid to the shareholders.

Analysts say the surge in profitability can be attributed to higher sales revenues, which stood at Rs33.732 billion in the outgoing fiscal year, up 64.6 percent from Rs20.492 billion in the previous year.