LAHORE: Crescent Fibres Limited has announced the temporary suspension of operations at one of its two spinning units due to adverse market conditions. The company filed the disclosure with the Pakistan Stock Exchange (PSX) on Wednesday.
The suspension affects the company’s spinning unit in Nooriabad, Sindh, while its Bhikki unit in Punjab will continue to operate normally. The management’s decision reflects the ongoing challenges within the textile sector, including high input costs and fluctuating demand.
In the disclosure, Crescent Fibres assured investors that it is actively exploring various strategic alternatives to resume normal operations and restore profitability.
This move underscores the pressures facing Pakistan’s textile industry, where companies are struggling with increasing costs and uncertain market demand. Investors and market analysts will be closely monitoring the company’s next steps as it navigates through this challenging period. The announcement was made in compliance with Section 96 of the Securities Act, 2015, and PSX regulations, ensuring timely disclosure of material information that could impact investment decisions.
