Pakistan’s Universal Leather and Footwear Industries Ltd has requested its delisting from the Karachi Stock Exchange (KSE), after posting a 70.8% slump in net profits to PRs24.2 million ($419.738).

This was in spite of the fact that in the nine months ended March 31, 2003, the firm’s sales increased 6.8% to PRs735.8 million ($12.8 million).

Universal Leather blames the slide in profits to the prevailing recession in the global economy, particularly in Europe and the US. The firm also cites the rapidly changing scenario in the Middle East, together with the poor performance of the leather sector.

The company’s delisting will be effective May 12, 2003. However it will buy back shares at the rate of PRs120 ($2.10) until April 11, 2004.

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