AN Textile Mills Limited announced on Monday that the operations of the mills have been temporarily closed.
In a stock filing, the company said that the decision has been taken due to an unforeseen downturn in the market and the unavailability of good quality cotton in the local market because of heavy rains.
Cotton arrivals till September 15 have fallen by 18.6 percent to 2.186 million bales, according to the latest data.
It is pertinent to mention here that, according to initial estimates, Pakistan’s agriculture sector has suffered a loss of around Rs. 400 billion as the current rains and floods have devastated major crops, including cotton, rice, dates, and vegetables, across the country.
According to government figures, the total area cultivated of cotton in Sindh was 1,467,579 acres, which is completely damaged by the flooding/monsoon rain. The cultivated area in Punjab and Khyber Pakhtunkhwa has also suffered damage.