Interloop exhibits strong financial performance in FY19

September 24, 2019 (MLN):  The Financial results of Interloop Limited (ILP) revealed that the company performed quite well during FY19. Interloop Ltd, recognizes as the largest hosiery producer in Pakistan, has posted a remarkable increase of 35.5% in profits after tax to Rs 5 billion from Rs3.7 billion earned last year.

To recall, on March 14, 2019, Interloop made its successful entry through the largest private sector initial public offering by placing itself amongst the top 50 companies listed on the Pakistan Stock Exchange by market capitalization.

As per the financial statement issued by the company to PSX, Interloop’s topline earnings went up by 16.7% YoY. The increase in revenues largely came on the back of PKR devaluation, as the company generates 90% of the revenues from exports.

Although, the company witnessed an increase in its major expense heads, but the surge in net revenues by higher magnitude mitigated the impact of increased operating expenses. This translated in to Earning per share which clocked in at Rs 6.5 against Rs 4.88 exhibited last year.

Alongside financial results, the board of directors of the company announced a final Cas Dividend at Rs 1.75 per share i.e. 17.5% for the year ended June 30th 2019. This is in addition to the Interim Cash Dividend already paid for the aforesaid period at Rs 1.25 per share.

Financial Results for the year Ended June 30th 2019 ('000 Rupees)

 

Jun-19

Jun-18

% Change

Net Sales

 37,511,062

 32,141,958

16.70%

Cost of Sales

 (25,643,715)

 (22,883,089)

12.06%

Gross profit

 11,867,347

 9,258,869

28.17%

Distribution Cost

 (2,794,393)

 (2,641,013)

5.81%

Administrative expenses

 (2,028,640)

 (1,639,210)

23.76%

 Other operating expenses

 (714,202)

 (603,026)

18.44%

Other income

 14,444

 55,087

-73.78%

Profit from operations

 6,344,556

 4,430,707

43.20%

Finance Cost

 (999,260)

 (498,956)

100.27%

Gain from changes in fair value less costs to sell of biological assets

 –  

 9,245

 

Share of loss from associate

 (58,485)

 (53,032)

10.28%

Profit before Taxation

 5,286,811

 3,887,964

35.98%

Taxation

 (226,260)

 (153,248)

47.64%

Profit after taxation for the year

 5,060,551

 3,734,716

35.50%

Earnings per share – basic and diluted (Rupees)

 6.50

 4.88

33.20%

 

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Posted on: 2019-09-24T13:30:00+05:00

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