Saritow Spinning temporarily halts production

News Image

MG News | February 28, 2024 at 03:53 PM GMT+05:00

0:00

February 28, 2024 (MLN): Saritow Spinning Mills Limited (PSX: SSML) has decided to halt production with immediate effect due to the ongoing heavy losses being experienced, as stated in a notification issued by the company to PSX today.

SSML suffered heavy losses during the year ended June 30, 2023, and thereafter during the first half ending December 31, 2023.

The main factor contributing to this decline in earnings is a decrease in sales rate and volume coupled with ever-increasing input costs.

The electricity cost doubled during the period along with exceptional markup rates which reached 25% level making the operations of the company quite hard.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,693.29
111.08M
0.02%
27.79
ALLSHR 85,442.77
273.57M
-0.30%
-256.73
KSE30 42,320.10
41.14M
-0.08%
-33.04
KMI30 194,039.44
38.05M
-0.59%
-1142.60
KMIALLSHR 56,144.32
135.34M
-0.43%
-244.83
BKTi 38,078.71
8.91M
-0.90%
-344.27
OGTi 27,584.59
3.25M
-0.48%
-133.67
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 120,625.00 121,165.00
119,315.00
1335.00
1.12%
BRENT CRUDE 69.88 69.91
69.41
0.36
0.52%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
0.95
0.99%
ROTTERDAM COAL MONTHLY 105.00 105.00
105.00
-0.15
-0.14%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.58 66.62
66.12
0.20
0.30%
SUGAR #11 WORLD 16.75 16.88
16.54
0.19
1.15%

Chart of the Day


Latest News
July 18, 2025 at 11:31 AM GMT+05:00

GCWL moves toward commercial operations with new project


July 18, 2025 at 10:46 AM GMT+05:00

EM sovereign ratings show positive trend in 2025


July 18, 2025 at 10:38 AM GMT+05:00

SSGC Board approves LPG, NGL deal with JJVL


July 18, 2025 at 10:37 AM GMT+05:00

Fitch projects U.S. tariff rate to rise sharply by August


July 18, 2025 at 10:16 AM GMT+05:00

PNSC says shipping reform plan still in early stages



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg