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Profits of recorded Textile Companies Jump to 32%

byRaiymah Javed Rana
March 5, 2021
in Business, Economy, Finance, Main, New
Reading Time: 1 min read
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Profits of recorded Textile Companies Jump to 32%
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In the first half of the fiscal year 2020-21 against the corresponding period of the previous fiscal year. The profits recorded by Pakistan’s listed textile companies jumped 32%. Primarily due to higher sales and lower finance cost.

Moreover, according to a report of Topline Securities, “The textile sector’s profitability has shown a significant increase during the first half of the fiscal year 2021 on a year-on-year basis primarily due to a spike in textile exports, improvement in other income and decline in finance cost.”

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Alternatively, companies based on minimum market share capitalisation of Rs1 billion, filtered by the research house. Which included 21 firms in its sample. The recorded enterprises represent 82% of the textile sector’s market capitalisation.

Furthermore, as per the IFRS and exchange gains observed on net foreign asset exposure. Other income of the companies included in the sample increased 22% in Jul-Dec 2020 mainly due to re-measurement gains booked on the gas infrastructure development cess (GIDC).

Finance cost declined 14% year-on-year in the first half of FY21, which was attributed mainly to lower interest rates.

Tags: BusinessEconomic Growth of PakistanFY21GIDCIFRSIndustriesTextile IndustryTextile Sector
Raiymah Javed Rana

Raiymah Javed Rana

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