One of the largest textile companies in Pakistan, Nishat Chunian has announced that it will partially close down operations in the company.
Nishat Chunian Limited discussed in the Pakistan Stock exchange filing that, ‘the company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. Company has decided to temporarily close 51,360 spindles after one month due to market conditions.”
The textile company elaborated that the market condition in Pakistan is not fruitful at the moment because the industry and large-scale manufacturing have declined by 7 percent which has shaken the economy.
Nishat Chunian suggests that operations are partially suspended and will remain suspended until the market condition becomes better. Also, the other operations will keep running as usual.
Nishat Chunian is not the only company that decided to close down its operations. Recently, Toyota makers, Suzuki Motors, Millat Tractors, and Indus Motors also announced to shut down their companies for a brief period of time until things start to settle down.
