In a filing with the stock exchange, Pakistan yarn spinner Sajjad Textile Mills said it is shutting down operations due to persistent unfavourable market conditions. Ironically, in a bid to meet these challenging conditions, Sajjad Textile had upgraded its machinery by installing new carding, drawing and ring spinning machinery last year.
According to a Daily Times report, 110 textiles mills have already closed their operations mainly due to increasing cost of doing business.In a filing with the stock exchange, Pakistan yarn spinner Sajjad Textile Mills said it is shutting down operations due to persistent unfavourable market conditions. Ironically, in a bid to meet these challenging conditions, Sajjad Textile had upgraded its machinery by installing new carding, drawing and ring spinning machinery last year.
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CEO Asim Sajjad said the disparity between raw cotton and yarn rates, influx of Indian yarn and increased energy cost led them to take this decision.
The All Pakistan Textile Mills Association (APTMA) chairman Tariq Saud said, “The high cost of doing business has started hitting textile industry severely, as further closure of operations of the textile mills has been reported to us.” (AR)
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