National Tanneries of Pakistan Ltd. Reports 10% rise in sales
Lahore-based National Tanneries of Pakistan Limited has reported that its sales increased by 10% to $5.02 million during the year ended June 30, 2001 from $4.57 million a year ago. However, profits before tax dropped to $100,000 from $115,000 of last year.
Tanneries directors said that profits had been eroded by increased competition in the market. Financial charges were also up for the year, amounting to Rs14.3 million ($0.238 million), up from Rs13.2 million ($0.22 million) the previous year. These made up for the heaviest charge among the operating expenses. Administrative expenses amounted to Rs13.4 million ($0.223 million), up from Rs10.7 million last year. Selling and distribution expenses also leapt up to Rs11.6 million ($0.193 million), from Rs9.8 million ($0.163 million).
