Due to economic crisis, Pakistan’s industrial sector is witnessing a slowdown, Suraj Cotton Mills Limited (SURC), a textile manufacturer recently announced to diminish their production by 40%.
SURC sent notice to PSX (Pakistan Stock Exchange).
“We would like to inform you that due to the worldwide economic recession and low demand, it is not feasible to continue with full production in our plants.
“Our operational feasibility is further affected by the high cost of doing business. Part of the curtailment of spinning operations is also due to BMR activities in line with our policy of adopting the latest technologies.”
“Keeping in view these factors, the company has decided to curtail production in all its facilities by upto 40%,” the firm stated.
SURC is currently in the manufacturing, sale and trading of yarn, cloth and processing of cloth, stated that the said measure is temporary, adding that it will keep reviewing the situation.
“We hope that the situation will improve in the first quarter of 2023 at which will enable us to restart,” firm said.