Textile giant Interloop’s full-year profits down 18pc

KARACHI: Interloop Limited, a textile giant, on Thursday reported an 18 per cent decrease in its full-year net profit, owing to an increase in cost of sales.

In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs16.455 billion for the year ended June 30, down from Rs20.171 billion the previous year.The company also announced a final cash dividend of Rs2.5 a share, which is in addition to the interim cash dividend at Rs2 per share already paid.

Earnings per share came in at Rs11.78, compared with Rs14.39 last year.The company said its sales for the year increased to Rs158.182 billion, compared with Rs119.2 billion a year earlier. However, the cost of sales increased to Rs114.02 billion from Rs79.33 billion, which lowered the profit margins.According to analysts, Interloop’s earnings were lower than the market expectations.