The auto sector in the country has been going through a slump due to prevailing economic conditions, the devaluation of the rupee and repeated hikes in the prices of vehicles. This has impacted multiple companies which have witnessed Non-Production Days (NPD) including Toyota, Honda and even Suzuki.
Interestingly, these companies are joined by Millat Tractors Limited, which will observe NPDs for the rest of December and will restart production from 6th January 2020. Muhammad Faisal Azeem, the company Secretary has written a letter to the General Manager of the Pakistan Stock Exchange confirming this news.
The company wrote the letter as required by the Rule Book of Pakistan Stock Exchange Limited (PSX) and Securities Act. The company adds that its production operations will be closed from tomorrow i.e. Wednesday 11th December, 2019 till Friday, 3rd January 2020 and production will start from the following Monday, 6th January 2020.
You can view the letter below:
While the company hasn’t given an official reason, but according to the data by PAMA, the company has seen a fall in its sales during the course of this year which could be one of the reasons behind the reduction in working days.
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