January 30, 2019 (MLN): International Industries Limited (INIL) suffered 21.9% decline in last quarter’s profits as its net income for the period (ended December 31, 2018) logged in at Rs.1.2 billion with EPS at Rs.6.48.
Meanwhile on a cumulative level for 9MFY19, the company’s net income stands at Rs.2.08 billion, EPS: Rs.10.85, marking a decline of 19.3%, YoY.
The company’s gross margins have fallen considerably by over 4%, indicating that the drop in INIL’s profitability can be attributed to cost overrun.
In addition to this, INIL also incurred higher finance cost this period as compared to last year’s corresponding period.
Consolidated Financial Results for the half year ended Dec 31, 2018 (Rupees in '000)
Dec-18
Dec-17
% Change
Net sales
32,781,689
31,151,679
5.23%
Cost of sales
(28,585,368)
(25,809,178)
10.76%
Gross profit
4,196,321
5,342,501
-21.45%
Selling and distribution expenses
(687,349)
(783,493)
-12.27%
Administrative expenses
(296,337)
(273,473)
8.36%
Reversal of impairment on trade debts
11,045
905
1120.44%
Finance cost
(991,245)
(464,844)
113.24%
Other operating charges
(207,557)
(323,135)
-35.77%
Other income
419,547
149,173
181.25%
Share of profit in equity accounted investee – net of tax
