Pakistan Steel Mills earns Rs7.45bn in FY22

Though closed since June 2015, Pakistan Steel Mills (PSM) is reported to have earned after-tax-profit of about Rs7.45 billion in 2021-22 even though its accumulated losses of Rs206bn went beyond its current assets worth Rs195.5bn. In the qualified opinion of on financial statements, the independent auditors — Crowe Hussain Chaudhry & Co — said the PSM fully disclosed its dispute with Sui Southern Gas Company Ltd (SSGCL) on late payment surcharge (LPS) worth Rs59.7bn which increased from Rs52bn in FY21. Yet, the total assets of the country’s largest industrial unit, shut down by the PMLN government in its previous tenure, have been valued at about Rs839bn as of June 30, 2022, up 65pc over Rs549bn a year earlier, according to the company’s audited accounts for the fiscal year ending June 30, 2022. Based on audited accounts, the company paid the salaries for April of its employees from its resources ahead of Eidul Fitr after a gap of more than a decade instead of the federal budget.