July 27, 2022 (MLN): Indus Motor Company Limited (PSX: INDU) has no plans fixed for a complete plant shutdown for more than two weeks in the month of August 2022, the management of the company clarified on Wednesday.
In a notification issued to the local bourse, the management further stated,” The production schedule of the Company and any Non-production days remain contingent on a number of external and variable factors. The Company is actively monitoring its production and operations, and is closely working with the Government and SBP to alleviate the present challenges.”
In the event that there is any material update regarding the aforesaid matter, it will be timely communicated to the PSX as per the requirement of PSX regulations, it added.
The company acknowledges that the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobile manufacturers, it noted.
It further said that the unprecedented devaluation of the Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for CKD imports and continuing financial instability has radically impacted the auto industry.
