Karachi February 27 2023: Aisha Steel Mills Limited (ASL) reported loss of PKR 2.09 billion in the first half of fiscal year 2023 due to economic slowdown and currency volatility, according to company filing to the Pakistan Stock Exchange.
TPLP booked finance cost of PKR 1.57 billion in the first half of fiscal year 2023 due to higher policy rate, fiscal year runs from July to June.
Share price of the company fall 6 paisa or 0.92 percent to PKR 6.45 (PST 9:40) at Pakistan Stock Exchange.
“The automotive industry is currently facing head winds due to high car prices, financing cost, depreciating rupee and restriction on CKD imports. The exchange rate, however, is showing signs of stability and some import restrictions relaxed. The auto sector is expected to make modest recovery in the coming quarters. This is likely to generate demand for CRC” says Company Chairman Arif Habib.
The company is expected to recover in the coming quarters. The company, however, has exposure in foreign currency hence stability of exchange rate and movement in HRC price can influence future profitability.
