Millat Tractors to extend plant shutdown 

LAHORE: Millat Tractors Limited (MTL) has notified the Pakistan Stock Exchange (PSX) that the company will extend its plant shutdown till September 23 on account of damages to road infrastructure because of the floods.

This extends MTL’s production halt by an additional week as it had previously notified the stock exchange that it would halt production from August 30 till September 16. 

It would be premature to assess the impact of this prolonged production halt on MTL’s sales. However, it will be difficult for them to achieve levels comparable to their August sales of 2,556 units as nearly all of September will pass in this production halt. 

MTL and its shareholders will likely devise a plan going forward to not only recoup lost sales in September but also the amount they will dedicate as a member of the consortium of shareholders that will be bailing out Hyundai Nishat Motors.