International Industries suffer 15% drop in profits due to cost overrun
By MG News | October 18, 2018 at 02:01 PM GMT+05:00
October 18, 2018 (MLN): Owing to mounting expenses, International industries limited (INIL) suffered 15% decline on profits recorded for the first quarter of current fiscal year.
An official statement on the company’s financial earnings reveals that although INIL’s net sales experienced a decent growth of 3.36% when compared to corresponding period of last year, the increased cost of sales weighed down the gross profits by 12%.
In addition to this, finance cost rose by 90% and completely cancelled out the relieving impact from higher non-core income.
This led the profits for the period to drop by Rs.154.7 million over the year, as they logged in at Rs.851.8 million.
The company’s earnings per share dipped by 20.5% as well, down from Rs.5.5 per share to Rs.4.37 per share.
| Financial Results for the first quarter ended September 30th 2018 (Rupees in '000) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Net sales | 14,681,147 | 14,203,309 | 3.36% |
| Cost of sales | (12,695,955) | (11,937,559) | 6.35% |
| Gross profit | 1,985,192 | 2,265,750 | -12.38% |
| Selling and distribution expenses | (279,975) | (355,349) | -21.21% |
| Administrative expenses | (140,208) | (124,124) | 12.96% |
| Finance cost | (452,972) | (238,165) | 90.19% |
| Other operating charges | (109,428) | (144,278) | -24.15% |
| Other income | 183,054 | 66,934 | 173.48% |
| Share of profit in equity accounted investee - net of tax | 13,592 | 14,087 | -3.51% |
| Profit before taxation | 1,199,255 | 1,484,855 | -19.23% |
| Taxation | (347,499) | (478,378) | -27.36% |
| Profit after taxation for the year | 851,756 | 1,006,477 | -15.37% |
| Earnings per share - basic and diluted (Rupees) | 4.37 | 5.50 | -20.55% |
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