Faisalabad October 18 2022: Interloop Limited, the third largest exporter of Pakistan, witnessed profit of PKR 4,961 million in first quarter of fiscal year 2023 which is 84 percent higher when compared with the same period last year, according to company filing to the exchange.
Company share price gains PKR 2.91 or 4.93 percent in today's trading to trade at PKR 62.0, according to data available at Pakistan Stock Exchange.
The company during 1Q FY23 delivered exceptional results by achieving the highest ever quarterly sales revenue of PKR 30,463 million compared to PKR 19,329 million during the corresponding quarter last year (FY22).
Despite the continuous surge in operational costs, the management’s commitment to manufacturing excellence led the company’s gross profit to grew significantly by 82.6 percent amounting to PKR 10,115 million in 1Q FY23 as compared to PKR 5,537 million in the corresponding quarter last year.
"Volumetric growth, cost savings initiatives across the value chain and portfolio, and better pricing management also contributed to the notable improvement in profitability" says company's Chairman Musadaq Zulqarnain.
“Interloop family is overjoyed to earn the much required foreign currency for Pakistan. While the coming financial year brings a lot of challenges, we as a team are committed to continue our march towards achieving our vision 25 goals.” says Company’s Chief Executive Officer Navid Fazil.
About the company
Interloop Limited was incorporated in Pakistan on 25th April, 1992 and publicly listed on the Pakistan Stock Exchange on 5th April, 2019. Interloop is a vertically integrated multi-category Full Family Clothing Company, manufacturing Hosiery, Denim, Knitted Apparel and Seamless Active wear, for top international brands and retailers, besides producing Yarns for a range of textile customers. Interloop’s commitment to environmental, social responsibility & governance (ESG) is deeply rooted in its mission and has gained it global recognition as a pioneer in responsible manufacturing. Interloop’s diverse & engaged workforce and operational excellence has established it as a Partner of Choice for its customers.