International Industries Ltd. (INIL) today announced financial results for the half year and quarter that ended on December 2017. Net sales for the period during the half year recorded a phenomenal growth of 62.15% to clock in at 12.168 billion rupees.
International Industries Limited has posted a net profit of Rs. 719 Million for the half year that ended December 2017, down by 10.76% from Rs. 806 million in the same period last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) were down to Rs. 6.00, down by 10.71% from an EPS of Rs. 6.72 in the preceding year.
On the other hand, the cost of sales for the also jumped up by 74.41%, clocking in at Rs. 10.518 billion. Company’s financial charges also took away more than 149% taking Rs. 232.503 million from bottom-line profits.
At the time of closing, INIL’s script at the bourse closed at Rs. 294.78 down by 0.86% with a turnover of 1.02 million shares today.
In a separate notice, INIL also announced that the board of directors resolved that, “a private limited liability company IIL Stainless Steel (Pvt.) ltd., a wholly owned subsidiary of International Industries Ltd. (INIL), be merged and amalgamated with and into IIL in accordance with the Scheme of Amalgamation”. As of 31st March 2018 the entire undertaking of IIL Stainless Steel (Pvt.) Ltd will stand merged with and into the company.
International Industries Limited manufactures and markets galvanized steel pipes, precision steel tubes, API line pipes, and polyethylene pipes in Pakistan. The company provides galvanized iron pipes for the transmission of potable water, natural gas, oil, and other fluids, as well as in fencing, shelters, and general fabrication industries.
Whereas, IIL MS schedule 40 pipes for firefighting, water distribution lines, high-pressure lines, steam lines, hot/chill water lines, and chemical liquid lines; and cold rolled steel tubes for various applications, including transformers, automotive, motorcycles/bicycles, fans, furniture, and tents, as well as black pipes.