International Industries Ltd incurs losses of Rs 52 million

By MG News | October 18, 2019 at 05:09 PM GMT+05:00

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October 18, 2019 (MLN): International Industries Limited (INIL) has incurred losses of Rs. 52.6 million (LPS: Rs. 1.87) for the quarter ended September 30, 2019, as opposed to profits of Rs. 851 million reported in the same period last year.

The decline in the company’s profits can be attributed to change in the duty structure on CRC import and contraction in the demand for tube and pipes. Moreover, the inability to pass on the impact of inflation and rupee depreciation on customers further pushed the company towards losses.

The rise in finance cost by 119% owing to higher interest rates was another factor that led to this jeer-worthy performance.

On top of that, the non-core income of the company fell by 91%, thanks to considerable exchange losses incurred during the aforementioned period.

Nevertheless, INIL managed to report growth in topline earnings by 5% on account of higher retention prices.

Financial Results for the quarter ended September 30, 2019 (Rupees in '000)
	Sep-19	Sep-18	% Change
Net sales	16,013,717	15,215,894	5.24%
Cost of sales	(14,473,315)	(13,230,702)	9.39%
Gross profit	1,540,402	1,985,192	-22.41%
Selling and distribution expenses	(356,264)	(289,079)	23.24%
Administrative expenses	(147,423)	(140,208)	5.15%
Impairment reversal on trade debts	-	9,104
Finance cost	(995,181)	(452,972)	119.70%
Other operating charges	(29,601)	(109,428)	-72.95%
Other income	16,390	183,054	-91.05%
Share of profit in equity accounted investee - net of tax	(6,113)	13,592
(Loss) / Profit before taxation	22,210	1,199,255	-98.15%
Taxation	(74,836)	(347,499)	-78.46%
(Loss) / Profit after taxation for the year	(52,626)	851,756
Earnings per share - basic and diluted (Rupees)	(1.87)	3.97

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