ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Barclays PLC Investors to Secure Counsel Before Important Deadline in Securities Class Action – BCS

NEW YORK, Oct. 18, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Barclays PLC (NYSE: BCS) between February 18, 2021 and March 25, 2022, both dates inclusive (the “Class Period”), of the important November 22, 2022 lead plaintiff deadline. SO WHAT: If you purchased Barclays securities […]

Russian military plane crashes in city of Yeysk, killing 6

In Russia, at least six people were killed while twenty five others injured in an air crash in the southern port city of Yeysk.

 

In a statement, Russian Defence Ministry said a military plane was on training mission when it crashed into a residential building near the border with Ukraine due to engine failure.

 

Meanwhile, Russia has launched a criminal investigation into the incident.

 

Source: Radio Pakistan

Interloop Profits Increases by 85% in 1QFY23

Interloop Limited (ILP), a textile and garments exporter company, recorded profits of Rs. 4.96 billion in the first quarter of the financial year 2022-23, exceeding industry expectations.

According to the company’s financial results, profits have increased by 85 percent as compared to Rs. 2.69 billion recorded in the same period last year

 

The earnings per share (EPS) of the company increased to Rs. 5.31 in 1QFY23 from Rs. 2.88 last year but decreased from 5.74 in the final quarter of FY22.

Gross margins stood at 33.2 percent QoQ, however, increased from 28.6 percent YoY recorded in 1QFY22 due to inventory gains.

 

Sales clocked in at Rs. 30.46 billion during the period, up by 58 percent YoY amid increased utilization levels of both the Hosiery and Denim segments. Management says the Denim segment was operating at full capacity and hosiery at 85 percent utilization levels, according to a report by Topline Securities. Besides this, the exchange gain contribution in revenue was around Rs. 3 billion.

 

Cost of sales soared by 48 percent YoY to Rs. 20.35 billion amid increased cotton prices in the local and international markets, and higher depreciation expense on account of Hosiery Plant-V and Apparel expansions.

Distribution expenses increased by 42 percent YoY and 21 percent QoQ to Rs. 1.15 billion. As a percentage of sales, distribution expenses stood at 3.8 percent compared to 3.1 percent in 1QFY22. Administrative expenses jumped by 67 percent YoY to Rs. 1.6 billion due to increasing inflationary pressures and expansion.

The finance cost of the company observed a massive increase of 238 percent YoY and 35 percent QoQ on higher borrowing and interest rates.

 

The effective tax rate of the company clocked in at 6.5 percent during the quarter compared to 5.8 percent in 1QFY22 and 8.8 percent in the last quarter of FY22.

 

Source: Pro Pakistan

Mosa Meat Scaling Beef Cultivation to Industrial Production Levels

Recent expansion to 77,000 sq ft. makes Mosa Meat the largest cultivated meat campus in the world. Maastricht, The Netherlands, Oct. 18, 2022 (GLOBE NEWSWIRE) — Mosa Meat, a leader in the cultivated meat space that grows beef directly from animal cells, and unveiled the first cultivated hamburger in 2013, has announced the next step […]

Emerson’s First Power-Over-Ethernet Transmitter Supports Customers’ Upgrades and Retrofits

With small form factor and advanced software, the Micro Motion 1600 Coriolis Transmitter is a cost-effective, scalable PoE solution to help improve process efficiency SINGAPORE, Oct. 18, 2022 /PRNewswire/ –Today Emerson introduced its first power-over-Ethernet (PoE) Coriolis flow measurement device for the food and beverage, life sciences and chemical industries. The Micro Motion 1600 Coriolis Transmitter […]