PAKISTAN: Textile firms see Q1 sales and profit rise
Quarterly results posted by a number of textile firms in Pakistan suggest the sector has seen a strong start to the current financial year.
According to the financial results submitted to the Karachi Stock Exchange for the first quarter, which runs from July to September, sales at Nishat Mills jumped 18% to PKR12.95bn, Masood Textile rose 20% to PKR5.67bn, and Gadoon Textile surged 35% to PKR4.23bn.
Pre-tax profits were PKR109m at Gul Ahmed Textile, PKR400m at Sapphire Textile, PKR456m at Fazal Cloth, PKR281m at Sapphire Fibers, PKR422m at Nishat (Chunian), PKR218m at Masood Textile, PKR207m at Kohinoor Textile, and PKR1195m at Nishat Mills.
The growth was helped by improved energy supplies, cuts in bank mark-ups, the waiver in EU import duties and lower levels of inflation, according to Gohar Ejaz, former chairman of the All Pakistan Textile Mills Association (APTMA).
Ejaz Khokhar, former chairman of the Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), told just-style the textile industry could also enjoy growth once the EU's GSP+ facility begins in 2014 and trade opens up with India at the end of this year.
More than 80% of Pakistan's textile outputs are exported, mainly to the US and EU.
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