Khalid Siraj Textile Mills Limited (PSX: KSTM) Monday said that due to economic distress and held LCs policies the company is still struggling to initiate operation.
“(The) management is anxiously working upon the foremost solution to initiate operation, but unfortunately due to economic distress and held LCs policies, the situation is becoming tougher,” the company said in its progress report for the quarter ended June 30, 2024.
It mentioned that at the moment the biggest hurdles are electricity cost, interest rates, and low demand.
However the company said that the management is working upon different feasibilities to improve the scenario and bring the business back on track.
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