Interloop Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on April 21, 2020.

The agenda of the meeting was discussion of Unconsolidated and consolidated profit and loss account for quarter ended March 31, 2020 which portrayed a profit of Rs. 630,870 and Rs. 431,206 with earnings per share 0.7233 and 0.4944 basic and diluted respectively.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

The announcement is available at:

https://dps.psx.com.pk/download/document/146171.pdf

Interloop Limited, launched with 10 knitting machines in 1992, has grown into one of the world's largest Hosiery manufacturers; a complete vertically integrated company with state of the art Spinning, Yarn Dyeing, Knitting and Finishing facilities. With over 6,000 latest Italian Knitting Machines, 16,000 employees and an organizational network spread over 3 continents, Interloop has the proficiency to work with different materials and make a wide range of products. From scratch to becoming a US$ 270 million company, Interloop produces 700 million pairs of Socks & Tights annually, for top international brands & retailers.

In 1992, two entrepreneur brothers (Musadaq Zulqarnain & Navid Fazil) along with Tariq Rashid created what has now become one of the world's largest Hosiery Manufacturing and Exporting Company. The pioneers along with the team worked passionately day and night to create history in hosiery manufacturing. It all started one fine day, when the younger brother Navid shared the idea of starting a Hosiery company with his mother Begum Sarwari Sadiq who consulted her elder son Musadaq. The idea seemed doable. Both Tariq and Navid went to Italy to learn the basics of knitting and so began the journey of building a Global Company.

One afternoon over tea in April 1992, the pioneers discussed options for the company name and selected 'Interloop' based on the meaning of Knitting 'Interlooping of the Yarn'.

© Pakistan Press International, source Asianet-Pakistan