Siddiqsons Tin Plate to cut workforce amid economic downturn

News Image

MG News | June 20, 2024 at 03:51 PM GMT+05:00

0:00

June 20, 2024 (MLN): The Board of Directors of Siddiqsons Tin Plate Limited (PSX: STPL) has decided to retrench the excess workforce from the service with effect from June 15, 2024, the company's filing on PSX revealed today. 

This decision has been made in response to the ongoing economic downturn and several specific challenges faced by the company.

One significant issue is the increasing use of Galvalume as a substitute for Tinplate. Additionally, the sales have been adversely affected due to the impact on the competitive landscape of the Electrolytic Tinplate (ETP) market, resulting from Sales Tax/Income Tax exemptions in the FATA/PATA regions.

Moreover, there has been a continuous decline in capacity utilization over the past few years, with rates remaining at 7% for FY 2024, 9% for FY 2023, and 12% for FY 2022.

For the nine months ending March 31, 2024, the company reported a loss of Rs174 million, with further losses anticipated by the end of the fiscal year on June 30, 2024.

Following Section 13 of The Industrial and Commercial Employment (Standing Orders) Ordinance, 1968, the company will follow the legally mandated procedure of Last In, First Out (LIFO) for retrenchment. 

Any further updates regarding this matter will be communicated promptly.

Copyright Mettis Link News

 

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,295.00 119,440.00
118,260.00
1000.00
0.85%
BRENT CRUDE 71.76 73.17
71.75
-0.75
-1.03%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.49 69.79
68.45
-0.72
-1.04%
SUGAR #11 WORLD 16.49 16.58
16.44
-0.10
-0.60%

Chart of the Day


Latest News
July 30, 2025 at 03:47 PM GMT+05:00

CCP resolves 223 cases, recovers Rs360m


July 30, 2025 at 03:15 PM GMT+05:00

SBP keeps policy rate unchanged at 11%


July 30, 2025 at 03:09 PM GMT+05:00

LSE Capital exits Ensmile Limited


July 30, 2025 at 03:06 PM GMT+05:00

PMYP, PILDAT sign landmark LOI to strengthen youth


July 30, 2025 at 03:02 PM GMT+05:00

PHDL issues clarification on winding-up process



Top 5 things to watch in this week

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