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Third quarter results for ANSA McAL

Published: 
Thursday, December 12, 2013

For the three months ending September 2013, ANSA McAL Ltd (AMCL) reported revenues of $1.51 billion. This result was almost 5 per cent greater than the $1.44 billion generated for the same period in 2012.

 

Despite this modest revenue growth, operating profit advanced by a healthy 26.9 per cent moving from $219.6 million in the 2012 period to $278.6 million in the 2013 session. Finance costs also moved in a favourable direction, declining to $2.9 million from $4.3 million in the earlier period. Share of profits from associates and joint ventures closed the current quarter at $5 million; this was 10.5 per cent lower than the $5.6 million recorded for the 2012 period.

 

The net effect of these changes saw AMCL deliver a pre-tax profit of $280.7 million. This figure was $59.7 million or 27 per cent greater than the $221 million earned for the same period in 2012. 

 

The effective tax rate for both periods was even at 23.5 per cent. On an after-tax basis, profits improved from $169 million in 2012 to $214.7 million in the current period, or by 27 per cent. The amount attributable to shareholders’ increased by 28.7 per cent to $180 million from $139.9 million in the earlier session.

 

For the nine-month period, group revenues advanced by 6.4 per cent to reach $4.4 billion from $4.13 billion in the 2012 period. Of notable interest was the steep decline in finance cost from $57.9 million in the 2012 session to $8.9 million in the current period. 

 

This change, together with a 7.2 per cent improvement in the gross profit margin, helped AMCL produce an after-tax profit for the period of $524.9 million. This figure was 15.9 per cent greater than the $452.8 million earned for the same period in 2012. Consequently, the third quarter’s performance saw acceleration in the group’s profitability.

 

Helped by the strong third quarter’s results, the EPS advanced to $2.59 from $2.22 in the 2012 period; this represents an improvement of 16.7 per cent.

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