Pakistan leathermaker reports 47% slump in profits
Reflecting the wider regional picture,
In the twelve months ended
Chairman S. M. Saleem attributed the slide to the post 9/11 climate and consequent reluctance of foreign buyers to visit the country. He also cited the slowdown in the North American and European economies, together with the strengthening of the Pakistan Rupee.
At Rs1.25 billion, gross export sales were down by 32% while domestic sales fell 35.41% to Rs44 million, with the increasing tendency of the garment makers to produce their own finished leather or use small subcontractors being cited as the main reasons. Increased competition from ‘unofficial’ operators was also blamed.
