Saritow Spinning temporarily halts production
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.
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