In this photograph taken on November 16, 2016, Pakistani workers operate a machine at a textile factory in Faisalabad. As Pakistan slowly emerges from a long-term power crisis, its once booming textile sector is scrambling to find its feet -- but high energy costs and a decade lost to competitors mean recovery is far from assured. Energy production was severely depressed for more than 10 years due to chronic under-investment, inefficiencies in the power network and an inability to collect sufficient revenue to cover costs. / AFP PHOTO / KHALIL UR-REHMAN / TO GO WITH AFP STORY: Pakistan-Energy-Industry-Textiles, FOCUS by Caroline Nelly PERROT
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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