Interloop battles headwinds to produce significant gains
14/06/2023
“We have significantly ramped up our investment in clean energy and continuous process improvement to reach our targets,” said Interloop CEO Navid Fazil. “With rigorous emissions tracking and transparent reporting, we are determined to confront challenges head-on and make substantial progress along the way.”
Its latest financial statement shows it maintaining stable operations and increased sales despite obstacles such as a significant rise in the price of raw cotton, an increase in energy rates, a shutdown of the gas supply, disruption in the global supply chain, and rises in interest rates and inflation – a feat it described as a “significant achievement”.
The company’s sales increased by a 39% in the period, reaching Rs. 84.13 billion (£22.7 million). Profit surged 76% to Rs. 28.19 billion.
Being an export-oriented entity, the company also benefited from the depreciation of PKR against USD, which resulted in a gain of Rs. 8,193 million, compared with Rs. 2,634 million for the corresponding period last year.
Interloop Limited was incorporated in Pakistan in 1992 and listed on Pakistan Stock Exchange in 2019. The manufactures denim, hosiery, knitted apparel, and activewear. The group has an associate manufacturing facility in Sri Lanka, a sourcing office and affiliate manufacturing facility in China and marketing offices in the US, Europe and Japan.
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