PAKISTAN: Azgard Nine profits fall 13% despite sales leap
Azgard Nine Limited (ANL), Pakistan's largest producer and exporter of denim garments, has posted a 13% drop in full year pre-tax profit.
But while profits fell to PKR1bn (US$12.5m) from PKR1.15bn the year before, sales at the company jumped by 53% to PRK10.1bn from PKR6.6bn.
Export sales registered an increase of 51% and domestic sales were up by 53% during the period. The company's sales have increased by an average annual rate of 32% since 2001.
Azgard said rising interest rates, higher cotton and petroleum prices and double-digit inflation had caused the decline in profit.
ANL, formerly known as Legler Nafees Denim Mills Limited, last year made a foreign investment in Italy and acquired an Italian denim specialist company Montebello for EUR23.758m.
By Ahmed Abdullah.
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