Amreli Steels Limited sustained losses to the tune of Rs678.44 million amid drop in sales and high cost of finance in fiscal year 2023 that ended June 30.

The company registered a profit of Rs1.32 billion in the same period last year (SPLY), according to its notice to the Pakistan Stock Exchange (PSX) on Friday.

Resultantly, loss per share (LPS) clocked in at Rs2.28 in the period under review compared to earnings per share (EPS) of Rs4.46 in SPLY.

The steel manufacturer’s net sales declined by nearly 22% to Rs45.5 billion during FY23, compared to Rs58.2 billion recorded in the prior year.

It also saw its gross profit dropped to Rs5.96 billion in FY23, down 8%.

During the period, the company’s other income also plunged to Rs8.3 million, down over 66% year-on-year, from Rs24.5 million in FY23.

Meanwhile, the company’s cost of finance jumped significantly to Rs4 billion in FY23, an increase of 74%. The increase comes as interest rate increased significantly during the year.

Amreli Steels Limited was established as a private limited company in 1984. It was converted into a public unquoted company in 2009.

The company manufactures and sells steel bars and billets at its production plants located in Shershah, Karachi and District Thatta, Sindh.