Cost overrun weighs in on INIL's gross profits bringing down net profit by 19 percent

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MG News | January 30, 2019 at 03:22 PM GMT+05:00

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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

                             18,788

                             21,642

-13.19%

Profit before taxation

                       2,463,213

                       3,669,276

-32.87%

Taxation

                        (387,300)

                     (1,095,511)

-64.65%

Profit after taxation for the year

                       2,075,913

                       2,573,765

-19.34%

Earnings per share - basic and diluted (Rupees)

                               10.85

                               14.40

-24.65%

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