Lotte Chemical Pakistan Limited (PSX: LOTCHEM) has extended the suspension of its plant operations until 12 November 2023 the company informed the Pakistan Stock Exchange on Monday.
“Due to lower downstream demand as notified vide our letter dated 17 October 2023, the management of the Company has decided to extend the suspension of Plant operations till 12 November 2023,” the stock filing stated.
When it first announced the suspension, LOTCHEM explained that it would temporarily cease operations from 18 October 2023 to 29 October 2023 due to weaker demand and to better manage inventory and production.
The principal activity of the company is to manufacture and sale of Pure Terephthalic Acid (PTA).
The move comes as Pakistan’s manufacturing industry continues to be plagued by difficulties that are forcing companies to temporarily close or trim operations.
At the time of filing, the company’s scrip at the bourse closed at Rs. 25.62, up Rs. 0.21 or 0.83 percent with a turnover of 184, 987 shares on Monday.
