Arctic Textile Mills shuts leased spinning unit

MG News | June 19, 2025 at 01:10 PM GMT+05:00

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June 19, 2025 (MLN): Arctic Textile Mills Ltd. (PSX: ARCTM) has discontinued operations at its leased spinning unit, citing worsening market conditions that have rendered the venture commercially unviable.

The decision was approved by the company’s Board of Directors during a meeting held on June 19, according to a filing to the Pakistan Stock Exchange (PSX).

The move comes as Pakistan’s textile spinning sector continues to grapple with weak domestic and international demand, rising input costs, and persistent economic uncertainty, a combination that has squeezed margins across the industry.

Despite the closure, the company emphasized that the move is not expected to materially affect its overall financial position, suggesting that the spinning unit was not a significant contributor to profitability under current conditions.

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