Cresent Fibres Limited (CFL) has decided to cutdown their production by upto 50% amid economic crisis.
Recently, a notice has been issued to PSX (Pakistan Stock Exchange) which states, “As you are aware, the global economy is heading towards a recession and this has led to wide spread demand destruction in the textile as well as other sectors the company decided to halt its production during this period.”
We believe this is a temporary measure and will continue to monitor the situation closely and be ready to restart as soon as demand improves which we expect in the second quarter of 2023″, the notice added.
