Suraj Cotton Mills partially halts production amid economic slowdown
MG News | December 30, 2022 at 02:46 PM GMT+05:00
December 30, 2023 (MLN): In the backdrop of economic slowdown and low demand, the management of Suraj Cotton Mills Limited (SURC) has decided to curtail production in all its facilities by up to 40%, the company filings on PSX showed today.
"It is not feasible to continue with full production in our plants. Our operational feasibility is further affected by the high cost of doing business," the notification sent to PSX read.
Part of the curtailment of spinning operations is also due to BMR activities in line with the policy of adopting the latest technologies, it added.
However, the company further said that this is a temporary measure and the management will keep reviewing the situation and inform you accordingly of any change.
The company is hopeful that the situation will improve in the first quarter of 2023 which will enable it to restart production.
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