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International Industries’ net profits decay by 97% YoY

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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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Posted on: 2020-04-17T11:09:00+05:00

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