Islamabad January 3 2023: Crescent Fibres Limited decided to reduce its production by up to 50 percent on slowdown in global economic activity, according to company filing to the exchange.
"As you are aware, the global economy is heading towards a recession and this has led to wide spread demand destruction in the textile as well as other sectors. Keeping in view the global economic situation and outlook, the Company has decided to curtail production by up to 50%." says company in its statement.
The company added, "We believe this is a temporary measure and will continue to monitor the situation closely and be ready to restart as soon as demand improves which we expect in the second quarter of 2023."
Crescent Fibres Limited was incorporated in Pakistan on August 06, 1977 as a public limited company under the Companies Act, 1913 (now Companies Act, 2017). The principal business of the Company is manufacture and sale of yarn