KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn.
Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operation the production facility.
“Therefore, the management of the company has decided to temporary close/stop the production activities of the company with immediate effect,” the company said.
The management is hopeful that the current situation will improve in the first quarter of 2023 enabling the company to restart its operations.
