Ban on imports of luxury items to not impact AIRLINK’s business

MG News | May 20, 2022 at 09:49 AM GMT+05:00

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May 20, 2022 (MLN): Air Link Communication Limited has said that the ban on imports of unnecessary luxury items imposed by the government will not impact the company’s business.

To recall, in the late evening yesterday, the Ministry of Commerce announced to impose a temporary ban on certain luxury items including CBU mobile phones to curtail the current account deficit.

The company mentioned that the ban is imposed on CBU mobile phones only instead of CKDs or SKDs. Whereas, Airlink’s majority sale revenue is generated through the sale of locally assembled mobile phones i.e., Samsung, Tecno, Xiaomi, Itel, Realme etc.

“We don’t see any impact on our business as a result of these import restrictions,” the company in a notice to Exchange said.

At the time of reporting this, the stock of the company was trading at a price of Rs44.27, up by Rs3.08 or 7.48% DoD.

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