International Industries Ltd successfully converts losses into earnings during 1QFY21

MG News | October 23, 2020 at 11:45 AM GMT+05:00

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October 23, 2020 (MLN): The Board of Directors of International Industries Limited (INIL) in their meeting held on October 22, 2020, announced the financial results for the quarter ended September 30, 2020.

According to these results, the company earned profits of Rs. 612.4 million (2.8) during the period, as compared to the losses of Rs. 56.6 million (LPS: 1.87) that were incurred in the same period of last year.

The company was able to successfully convert its losses into gains on account of higher revenue, coupled with a decline in the major expense heads i.e. Selling and Administration costs.

While there was a 1.7x increase in other expenses, the impact of it was overshadowed by a whopping 3.5x rise in other income. Adding further to the company’s joy, the finance cost depicted a decline of 57% owing to a lower interest rate regime.

Nonetheless, the rise in the share of losses in associated companies by 1.58x dented the profitability of INIL to a significant extent. On top of this, the company paid 3.85x higher income taxes during the period.

Consolidated Financial Results for the quarter ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Net sales	21,159,160	16,143,080	31.1%
Cost of goods sold	(19,268,530)	(14,473,315)	33.1%
Gross profit	1,890,630	1,669,765	13.2%
Distribution costs	(320,101)	(485,627)	-34.1%
Administrative expenses	(126,621)	(147,423)	-14.1%
Other expenses	(82,297)	(29,601)	178.0%
Other income	73,752	16,390	350.0%
Finance cost	(424,207)	(995,181)	-57.4%
Share of (loss) in equity accounted investee	(15,780)	(6,113)	158.1%
Profit before taxation	995,377	22,210	4381.7%
Taxation	(382,881)	(78,836)	385.7%
Profit after taxation	612,496	(56,626)
Earnings per share	2.8	-1.87

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