Int'l Industries suffers net losses of Rs 320 million in FY20

By MG News | August 28, 2020 at 11:34 AM GMT+05:00

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August 28, 2020 (MLN): International Industries Limited (INIL) has reported net losses of Rs 320.38 million for the year ended June 30^th, 2020, against the net profits of Rs 3.288 billion earned last year.

The loss per share of the company recorded at Rs 4.6, compared to earnings per share of Rs 16.6 posted last year.

The Company reported a net turnover of Rs. 65.65 billion during FY20, which was 13% lower than the last year.

Furthermore, the deteriorating export sales volume in the last quarter of FY20, owing to Covid-19 related lockdowns across the globe also impacted company’s business. Additionally, deteriorating international steel prices further kept the buyers away.

On the cost front, the company saw a slight decline of 7.67% and 3.42% in its Selling & Distribution expenses and Admin expenses, whereas, the finance cost jumped significantly by 60% YoY to Rs 3.5 billion from Rs 2.2 billion last year.

In addition to this, the Other Income of the company also declined by 66% YoY to Rs 208.4 million which further impacted company’s profitability.

Consolidated Financial Results for the Year ended June 30th, 2020 (Rupees in '000)
	Jun-20	Jun-19	% Change
Net sales	65,656,669	75,612,084	-13.17%
Cost of sales	(59,773,426)	(66,300,102)	-9.84%
Gross profit	5,883,243	9,311,982	-36.82%
Selling and distribution expenses	(1,711,034)	(1,853,103)	-7.67%
Administrative expenses	(584,405)	(605,104)	-3.42%
Impairment reversal on trade debts	13,785	(5,618)	-
Finance cost	(3,547,458)	(2,213,650)	60.25%
Other operating charges	(364,959)	(632,165)	-42.27%
Other income	208,429	617,688	-66.26%
Share of profit in equity accounted investee - net of tax	(6,502)	49,906	-
(Loss) / Profit before taxation	(108,901)	4,669,936	-
Taxation	(211,477)	(1,381,044)	-84.69%
(Loss) / Profit after taxation for the year	(320,378)	3,288,892	-
(Loss)/Earnings per share - basic and diluted (Rupees)	(4.60)	16.60	-

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