Lahore December 28 2022: Nishat Chunian Limited (NCL) decided to shut one fourth of its spindles from February next year due to current market conditions, according to the company filing to the Pakistan Stock Exchange.
As per issued statement, “The Company has an installed capacity of 219,528 spindles and 2880 rotors in its spinning division. Company has decided to temporarily close 51,360 spindles after one month, due to current market conditions. However, the remaining units are operating normally. Company will restart these spindles as soon as market conditions improve.”
Company exported goods worth of PKR 27 billion in fiscal year 2022, that runs from July to June and ranked among top 25 exporters of Pakistan.
Nishat (Chunian) Limited is a public limited company incorporated in Pakistan under the repealed Companies Ordinance, 1984. The Company is engaged in the business of spinning, weaving, dyeing, printing, stitching, processing, doubling, sizing, buying, selling and otherwise dealing in yarn, fabric and made-ups made from raw cotton, synthetic fiber and cloth, and to generate, accumulate, distribute, supply and sell electricity.
