KARACHI: The board of directors of International Industries Ltd (INIL) on Thursday approved the scheme of amalgamation of the wholly-owned subsidiary IIL Stainless Steel (Pvt) Ltd (IIL SS) with and into International Industries Ltd.
The company informed the stock exchange in a statement that the merger would be completed by March 31, 2018. The board resolved that from the completion date, the entire issued and paid up capital of IILSS comprising Rs150m divided in 1.5m shares of Rs10 each shall stand cancelled without any payment or other consideration.
The second quarter results of INIL for FY18 posted consolidated earnings per share (eps) at Rs8.5, up 69 per cent year-on-year (YoY). Along with the result, the company announced cash dividend of Rs2 per share.
Sales were up 41pc to Rs17 billion over Rs12bn YoY. Gross margins declined from 22pc to 18pc in the outgoing quarter. Bottom-line of the company was supported by lower tax incidence (28pc versus 51p last year). INIL earning were also propped by higher other income of Rs114 million, up 10 times YoY.
Fauji Foods LTD: The company posted a loss of Rs2.29bn for the year ended Dec 31, 2017, translating into a loss per share (lps) of Rs9.22.
Loss for the previous year amounted to Rs0.97bn and lps at Rs5.94. Net sales grew to Rs7bn from Rs3.37bn.
Marketing and distribution expenses rose to Rs2.33bn from Rs1.22bn. Finance cost increased to Rs0.44bn, from Rs0.15bn.
Published in Dawn, January 26th, 2018
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