Khalid Siraj intends to restart production ASAP

By MG News | October 03, 2024 at 12:56 PM GMT+05:00

0:00

October 03, 2024 (MLN): The management of Khalid Siraj Textile Mills Limited (PSX: KSTM) is planning to restart production as soon as possible given that the right atmosphere and policies are in place, the quarterly Progress Report of the company issued to the local bourse revealed today.

The management is of the view that the market remained volatile, influenced by fluctuating economic indicators and changing customer behaviour.

This instability has affected the company's operational capacity and financial planning. The report also indicated that a huge number of textile mills had to shut down due to various factors.

The leading factor is the cost of electricity per unit followed by very high interest rates, increased inflation, political uncertainty which has led to harmed business confidence

"Our commitment to restart manufacturing and provide our shareholders with best results is unwavering," it reads.

The principal business of the company is to manufacture and sell yarn and other related/ allied operations.

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