KARACHI: International Steels Limited (ISL) on Tuesday proposed to invest Rs290 million for the installation of ‘additional annealing basis’.

In a statement to the stock exchange, the company said the ISL Board had approved the capital expenditure in its meeting on Jan 23.

The proposal is to invest in annealing and skin pass facilities to increase capacity by 100,000 tonnes per annum, at ISL factory at the current location.

In a separate notice, ISL said the board had also approved the capital expenditure of Rs675m for establishment of Product Service Centre at Karachi and Lahore.

ISL also released financial results for the quarter ended Dec 31, 2017.

The board declared interim cash dividend at Rs1.50 per share.

For the half year ended, ISL posted profit after tax (PAT) at Rs2.18bn and earning per share (eps) at Rs5.02, up 88 per cent from PAT at Rs1.16bn and eps of Rs2.67 in the corresponding period of 2016.

Published in Dawn, January 24th, 2018