Interloop profits saw slight decline over H1
Faisalabad-based manufacturer Interloop, a Net Zero Pakistan signatory, has announced net profits of around $16.5 million or just under 4.6 billion Pakistani rupees for the half-year (H1) period ended December 31, 2022.
In Pakistan, the financial year begins on July 1, concluding on June 30 of the following year.
The figures represented a slight decline on those given for the year previous, when the company reported net profits of slightly below $17 million (4.7 billion Pakistani rupees) during the first half. Interloop added that H1 sales were up 34.5% on fiscal 2022, with gross profits up 31%. This was in contrast to the 50% year-on-year sales growth and 61.6% rise in gross profits registered for the equivalent six months of last year, however.
Interloop attributed the difference to weaker demand, caused by global inflationary pressures and a subsequent tightening of wallets in the United States and key European markets.
The company also said that it is currently ramping up use of nanobubble wash technology, for example, to lower its consumption of water, energy and chemicals, and has plans to expand its solar energy capacity by a further 7.8 megawatts. A water recycling system at its Plant-5 hosiery production facility is expected to be operational soon.
Last month, the business reported that its Interloop Organic Kapas (ILOK) project, a collaborative effort alongside Lok Sanjh Foundation, had achieved in-conversion cotton certification from Control Union Sri Lanka. ILOK land, managed by approximately 2,000 farmers, currently extends across roughly 4,100 hectares in southern Punjab.
Interloop's chief executive, Navid Fazil, during a team business planning workshop. Image via LinkedIn.
