Karachi: International Industries Limited (IIL) has released its financial results for the quarter ending September 30, 2024, showing a noticeable decline in performance compared to the same period last year. The unconsolidated and consolidated financial statements reveal various challenges that impacted the company's revenue and profit margins.

The unconsolidated financials indicated a decrease in revenue from contracts with customers to Rs. 5.29 billion, down from Rs. 8.12 billion in September 2023. The gross profit also saw a significant reduction, coming in at Rs. 522.51 million compared to Rs. 1.02 billion the previous year. Similarly, the consolidated financial results mirrored this downturn, with revenue decreasing to Rs. 18.88 billion from Rs. 27.15 billion and gross profits falling to Rs. 1.59 billion from Rs. 3.58 billion.

According to information available from the Pakistan Stock Exchange (PSX), the company faced increased finance costs and other operational challenges, which contributed to a reduced operating profit in both the unconsolidated and consolidated statements. The unconsolidated operating profit was recorded at Rs. 100.96 million, a steep decline from Rs. 607.87 million in 2023. The consolidated operating profit also decreased significantly to Rs. 567.71 million from Rs. 2.61 billion.

Other income helped offset some of the financial strain, with unconsolidated other income reported at Rs. 844.19 million, up from Rs. 583.39 million in the previous year. However, the consolidated other income was Rs. 259.73 million, a reduction from Rs. 93.63 million in the prior year.

The profit after tax for the unconsolidated financials stood at Rs. 453.95 million, slightly up from Rs. 417.16 million in 2023, while the consolidated statements showed a net loss of Rs. 49.94 million, reversing from a net profit of Rs. 901.32 million in the previous year.

These financial results reflect the ongoing economic pressures and operational challenges faced by the company, emphasizing the need for strategic adjustments to navigate the current industry landscape.