Elahi Cotton Mills Limited Monday announced that it closing production activities of the Mills for ten days.
In a notice to the Pakistan Stock Exchange (PSX), the company said that the decision to close the production activities was taken by the Board of Directors in its meeting today.
“Due to severe recession in local and international markets with regard to remand rate of polyester and yarn, the Board of Directors of the Company in their meeting held today has decided to close the production activities of the Mills for ten days with effect from October 16, 2023,’ read the notice.
It is pertinent to mention here that Pakistan’s textile exports slumped by 12 percent on a year-on-year (YoY) basis in September 2023 and stood at $1.35 billion compared to $1.53 billion reported in the same month of the previous fiscal year.
According to data issued by All Pakistan Textile Mills Association (APTMA), the exports also slumped 8 percent on a month-on-month basis compared to exports of $1.46 billion registered in August 2023.