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International Industries Ltd. sales rise by 62.15% to Rs. 12.168 billion

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International Industries Ltd. (INIL) today announced financial results for the six months and three months ended December, 2017. Net sales for the period during the half year recorded a phenomenal growth of 62.15% to clock in at 12.168 billion rupees.

On the other hand, the cost of sales for the also jumped up by 74.41%, clocking in at Rs. 10.518 billion, company’s financial charges also took away more than 149% taking Rs. 232.503 million from bottom-line profits.

Company’s bottom-line profit declined by more than 10.76% reaching Rs. 719.452 million, with earning per share clocking in at 6 rupees per share.

In a separate notice, INIL mentioned that the board of directors resolved that, “a private limited liability company IIL Stainless Steel (Pvt.) ltd., a wholly owned subsidiary of International Industries Ltd. (INIL), be merged and amalgamated with and into IIL in accordance with the Scheme of Amalgamation”. AS such, as of the completion date of 31st March, 2018 the entire undertaking of IIL Stainless Steel (Pvt.) Ltd. will stand merged with and into the company.

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Half Year Ended, December 2017

Key Financials

2017

2016

% Change

 

Amounts in PKR ‘000

Net Sales

12,168,289

7,504,316

62.15%

Cost of sales

10,518,189

6,030,862

74.41%

Gross profit

1,650,100

1,473,454

11.99%

Selling and distribution expenses

561,924

397,922

41.21%

Administrative expenses

150,159

127,856

17.44%

Financial charges

232,503

93,262

149.30%

Other operating charges

71,068

117,636

-39.59%

Other income

355,571

338,708

4.98%

Profit before taxation

990,017

1,075,486

-7.95%

Taxation

270,565

269,300

0.47%

Profit after taxation

719,452

806,186

-10.76%

EPS – Basic and diluted

6.00

6.72

-10.71%

Company release on Earnings Report can be accessed here.

Posted on: 2018-01-25T16:13:00+05:00