Interloop Limited, which is the largest hosiery producer in Pakistan, has announced its consolidated financial results for the half-year that ended on 31 December 2020.
The company reported an increase of 125.53 percent in its profits during the first half-year. It reported a profit of Rs. 2.77 billion in 1HY21 as compared to a profit of Rs. 1.23 billion in the corresponding year.
ALSO READ
NPMC Directs PBS to Rank Districts Based on Price Control
During the period, the sales of the company grew by 36.75 percent to Rs. 26.56 billion as compared to Rs. 19.42 billion in the same period last year. This was due to the increased export prices and volumetric growth in textile exports as the company had recorded record textile exports during the period. This was also due to 100 percent hosiery utilization which occurred as economic activity picked up and the denim plant commenced operations.
The gross margins of the company increased to 24.6 percent as compared to 23.4 percent in the same period last year on account of improved international prices.
ALSO READ
Askari Bank Reports Highest Ever Profit in 2020
Distribution costs, and administrative and other operating expenses cumulatively grew by 81 percent from Rs. 1.94 billion to Rs. 3.51 billion.
The earnings per share of the company were reported at Rs. 3.18 as compared to Rs. 1.41.
The ILP’s scrip at the bourse was closed at Rs. 69.98, down Rs. 0.71 or 1 percent, with a turnover of 4.11 million shares on Tuesday.
