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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Posted on: 2023-02-01T09:44:22+05:00
