Due to the economic crisis, Pakistan’s industrial sector is suffering a slowdown, Suraj Cotton Mills Limited (SURC), a textile manufacturing company, recently announced a 40% reduction in its production.
SURC sent a notice to PSX (Pakistan Stock Exchange).
“We would like to inform you that due to the worldwide economic recession and low demand, it is not possible to continue full production at our plants.
“Our operational feasibility is further affected by the high cost of doing business. Part of the reduction in spinning operations is also due to BMR activities which are in line with our policy of adopting the latest technologies.
“Considering these factors, the company has decided to reduce production by 40 percent across all its facilities,” the firm said.
SURC is currently in the manufacturing, sale, and trading of yarn, cloth, and processing of cloth, stating that the said measure is temporary, adding that it will keep reviewing the situation.
“We hope that the situation will improve in the first quarter of 2023 which will enable us to restart,” firm said.