Leather Up Ltd. sees profits halve in 2001
Karachi-based leather garments exporter Leather Up Limited, reported profits after tax of Rs 4.71 million ($78,565) for the period July 2000-June 2001, compared with Rs.9.77 million for the year previously, according to the company’s annual report. Sales were up 29% to Rs 210.3 million compared with Rs.163.1 million the year before.
An official spokesman for Leather Up blamed the drop in profits on increased global competition against a backdrop of weak demand for leather garments combined with inflationary pressure and poor availability of raw materials. However, the spokesman added that the management team and workers at Leather Up had all made a great effort during the year and said that the company was more than satisfied with the performance.
