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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