Janana De Malucho Textile Mills Shuts Down Operations Due to Costly Electricity, Cotton Shortage

Janana De Malucho Textile Mills Limited (PSX: JDMT) has decided to stop production activities citing prevailing economic conditions.  Due to the prevailing economic conditions in the country, increase in power cost, and non- availability of quality cotton at affordable price, decrease in sales and accumulation of finished goods stock due to slow down of yarn markets, the company is unable to continue with the production activities, it said in a notice to the Pakistan Stock Exchange (PSX) on Thursday.  JDMT said it has decided to temporarily shut down / close production activities for the time being. The management will continue to monitor the situation for a future course of action and is committed to resuming the production activities as soon as the situation improves, it added.  Earlier this week, Ghazi Fabrics International Limited (PSX: GFIL) said it is limiting its production activities. GFIL also cited the prevailing economic conditions in the country, increase in power cost and non-availability of quality cotton at affordable price as reasons for the decision.