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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