Ibrahim Fibres Annual Financial Report Published (period ended June 30st 2012)
During the year under review, net sales achieved by your Company were Rs. 35,853 million as compared to Rs.37,301 million during previous year. The gross profit earned during the year was Rs. 2,622 million as against Rs. 3,123 million earned during previous year.
Higher rate and lesser availability of natural gas, devaluation of Pak Rupee as against the US Dollar, higher prices of heavy fuel oil, and inventory losses in cotton blend yarns that were caused by sharp decline in prices of cotton during first half of the year under review increased the cost of production, thus affecting the annual gross margins adversely.
After accounting for the proportionate share in profits of Allied Bank Limited, an associated company, amounting to Rs. 2,744 million for the year under review as against Rs. 3,225 million for previous year, your Company earned profit before tax amounting to Rs. 4,452 million during the year as compared to Rs. 4,875 million during previous year. Profit after tax for the year comes to Rs. 4,114 million as compared to Rs. 4,152million during previous year.