KARACHI: Interloop Ltd posted a net profit of Rs2.03 billion for October-Dece­mber 2021, up 33 per cent from a year ago.

A stock filing on Thursday showed the company annou­nced an interim cash dividend of Rs2 per share.

Earnings went up 62pc on an annual basis to Rs4.71bn for the first half of 2021-22. Six-month revenue increased 50pc year-on-year to Rs39.3bn.

On a quarterly basis, its top line also rose 50pc to Rs20bn owing to nearly 100pc utilisation of the hosiery division, higher utilisation of the denim plant, continuous jump in the selling prices of hosiery, currency depreciation, excha­nge rate gains and the addition of new machinery in the hosiery division, said a note by Arif Habib Ltd.

Meanwhile, ICI Pakistan Ltd reported earnings of Rs2.18bn for Oct-Dec, up 33pc from a year ago. On a quarterly basis, however, net profit decreased 39pc owing to the absence of a gain on the re-measurement of interest in NutriCo Pakistan. The company also announced a cash dividend of Rs20 per share.

Its quarterly revenue sur­ged 58pc to Rs25.15bn, thanks to across-the-board growth in sales.

The company’s board of directors also authorised the execution of a term sheet with Tariq Glass Industries Ltd to explore the possibility of a joint venture for setting up a greenfield float-glass manufacturing facility with a production capacity of up to 1,000 tonnes per day.

Published in Dawn, January 28th, 2022

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