International Industries’ net profits decay by 96.7% YoY

MG News | February 01, 2023 at 09:44 AM GMT+05:00

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February 01, 2023 (MLN): International Industries Limited (INIL) has declared its financial results for the six months ended December 31, 2022. According to the results, the company has witnessed a huge decline in its net profits by 96.7% YoY to stand at Rs127 million (EPS: Rs 0.50) against net profits of Rs3.92 billion (EPS: Rs 16.54) in the same period last year.

The company’s gross profits plunged by around 40.12% YoY due to a decline in sales revenue by 20.88% YoY despite a 17.37% decrease in the cost of sales in 6MFY23.

On the cost side, selling and distribution costs plummeted by 38% YoY TO Rs1.02bn. On the other side, administrative expenses slightly increased by 2.33% YoY.

Meanwhile, the finance cost ballooned by 154.24% YoY to clock in at Rs 2.58bn which further injured owing to a higher rate of interest.

Financial Results for the six months ended December 31, 2022 (Rupees in '000)
	6MFY23	6MFY22	Change %
Net sales	45,442,289	57,431,394	-20.88%
Cost of sales	-40,145,250	(48,584,584)	-17.37%
Gross profit	5,297,039	8,846,810	-40.12%
Selling and distribution expenses	-1,019,073	(1,643,728)	-38.00%
Administrative expenses	-337,824	(330,136)	2.33%
Reversal of loss allowance on trade debts	-2,417	2,496	-196.83%
	-1,359,314	(1,971,368)	-31.05%
Operating Profit	3,937,725	6,875,442	-42.73%
Finance cost	-2,582,811	(1,015,913)	154.24%
Other operating charges	-1,122,365	(636,594)	76.31%
	-3,705,176	(1,652,507)	124.22%
Other income	450,462	448,307	0.48%
Share of profit in equity accounted investee – net of tax	44,740	73,195	-38.88%
Profit/(loss) before income tax	727,751	5,744,437	-87.33%
Income Tax Expense	-600,516	(1,823,286)	-67.06%
Profit after taxation for the year	127,235	3,921,151	-96.76%
(Loss)/Earnings per share – basic and diluted (Rupees)	0.50	16.54	-96.98%

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