International Industries' net profits decay by 97% YoY

MG News | April 17, 2020 at 11:09 AM GMT+05:00

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April 17, 2020 (MLN): The International Industries Limited (INIL) has declared its financial results for the nine months ended March 31, 2020. According to the results, the company has witnessed a huge decline in its net profits by 97% to stand at Rs 71 million (LPS: Rs 2.44) against net profits of Rs 2.77 billion (EPS: Rs 13.26) of the same period last year.

The company’s gross profits plunged by around 34% YoY due to a decline in sales revenue by 8% YoY despite a 5% decrease in the cost of sales, resulting in shrinking gross margins from 12% to 8%.

On the cost side, the operating cost went down by 21% YoY due to a significant decrease in selling and distribution cost which down by around 28% YoY.

Meanwhile, the finance cost ballooned by 62% YoY to clock in at Rs 2.74 billion which further injured owing to a higher rate of interest.

Financial Results for the nine months ended March 31, 2020 (Rupees in '000)
	Mar-20	Mar-19	% Change
Net sales	51,745,693	56,455,569	-8.34%
Cost of sales	(47,393,334)	(49,885,433)	-5.00%
Gross profit	4,352,359	6,570,136	-33.76%
Selling and distribution expenses	(854,656)	(1,180,140)	-27.58%
Administrative expenses	(440,818)	(446,085)	-1.18%
Impairment reversal on trade debts	21,649	10,717	102.01%
Finance cost	(2,742,271)	(1,692,685)	62.01%
Other operating charges	(51,146)	(316,121)	-83.82%
Other income	(7,799)	496,529	-
Share of profit in equity accounted investee - net of tax	10,364	33,541	-69.10%
(Loss) / Profit before taxation	287,682	3,475,892	-91.72%
Taxation	(216,045)	(700,202)	-69.15%
Profit after taxation for the year	71,637	2,775,690	-97.42%
(Loss)/Earnings per share - basic and diluted (Rupees)	(2.44)	13.26	-

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