Crescent Fibres Limited (PSX: CFL) has decided to cut production by up to 50 percent.
In a stock filing, the company said it cutting production but expects to resume normal operations in the second quarter of 2023.
The filing said, “…the global economy is heading towards a recession and this has led to widespread demand destruction in the textile as well as other sectors. Keeping in view the global economic situation and outlook, the Company has decided to curtail production by up to 50%,”.
It added,”…this is [a] temporary measure and will continue to monitor the situation closely and be ready to restart as soon as demand improves which we expect in the second quarter of 2023″.
CFL started operations in 1969 and is listed on the Pakistan Stock Exchange. Although the initial focus was on wood-related products, the company’s activities were diversified with the addition of a Chemical Division and a Textile Division.
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