Karachi December 14 2022: Pakistan spinning mills facing challenges due to economic slowdown and high cost of production.
“Due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operate the production facility. Therefore, the management of the Company has decided to temporary close/stop the production activities of the Company with immediate effect” says Kohinoor Spinning Mills Limited in company’s filing to the exchange.
The statement added, “However, the management is hopeful that the current situation will improve in the first quarter of 2023 enabling the Company to re start its operations.”
Pakistan’s cotton output decreased by over 40 percent year-on-year (YoY), according to the latest fortnightly data released by the Pakistan Cotton Ginner’s Association (PCGA).
