Crescent fibers halt its production by 50%
MG News | January 03, 2023 at 12:25 PM GMT+05:00
January 03, 2023 (MLN): In view of the global economic situation and outlook the Crescent Fibres Limited (CFL) has decided to curtail production by up to 50%, a notice issued by Pakistan Stock Exchange on Tuesday showed.
“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 the company decided to halt its production during this period.”
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, the notice added.
At the time of writing, the scrip of the company is being traded at Rs54.
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