International Steels profit jumps 77.5pc

KARACHI: International Steels Limited’s (ISL) profit rose 77.5 percent year-on-year to Rs1.003 billion for the quarter ended September 30, translating into earnings per share (EPS) of Rs2.31, a bourse filing said on Tuesday. 

ISL’s net income amounted to Rs565.718 million with an EPS of Rs1.3 in the corresponding period last year, a notice to Pakistan Stock Exchange said.  The company did not announce any payout.

International Steels’ sales revenue increased 63 percent year-on-year to Rs10.7 billion during the July-September period Adnan Sami at Topline Securities said the quarter sales were the highest ever due to increased demand and price of iron. 

“Volumetric growth was 20 percent, while realised prices increased around 35 percent during the quarter ended September 30,” Sami added.  Going forward, analysts believe ISL is well poised to capture demand growth with its added capacity coming online next year, along with protection in the form of anti-dumping duty.  Local industry has filed a petition with the National Tariff Commission (NTC) against dumping of color-coated steel.

State-owned investigation authority NTC imposed anti-dumping duties on steel products originating from China and Ukraine, increasing the rate up to around 20 percent for the five-year period. The commission said the domestic industry producing cold rolled coils/sheets suffer material injury on account of increase in volume of dumped imports, price undercutting and depression, decline in market share, sales, capacity utilisation and return on investment, and negative effects on cash flow, inventories and ability to raise capital.