Janana De Malucho Textile Mills Halts Operations Amid Rising Costs and Cotton Shortage
Janana De Malucho Textile Mills Limited (PSX: JDMT) has announced the suspension of its production activities, citing challenging economic conditions as the primary reason.
In a notice to the Pakistan Stock Exchange (PSX) on Thursday, the company explained that rising electricity costs, the unavailability of quality cotton at reasonable prices, declining sales, and a buildup of finished goods due to a slowdown in yarn markets have made it impossible to continue operations.
JDMT stated that it will temporarily shut down its production activities but will closely monitor the situation to determine future actions. The management expressed its commitment to resuming production as soon as conditions improve.
Related Developments
Earlier this week, Ghazi Fabrics International Limited (PSX: GFIL) also announced a reduction in its production activities for similar reasons, emphasizing the impact of the ongoing economic challenges, increased power costs, and difficulties in sourcing quality cotton affordably.
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