Crescent Fibres Limited (CFL) has announced the temporary closure of its spinning unit in Nooriabad, Sindh, citing unfavorable market conditions as the reason.
The company issued this information in a notice released to the Pakistan Stock Exchange (PSX) on Wednesday.
The notice stated that the company operates two spinning units, located in Nooriabad, Sindh, and Bikki, Punjab. Due to the unfavorable market conditions, the management has decided to temporarily suspend operations at the Nooriabad unit.
The company clarified that the Bikki unit continues to operate as usual, and various strategic alternatives are being considered to restore normal operations and re-establish profitability.
Crescent Fibres Limited was established in Pakistan in 1977 as a public limited company and is engaged in the manufacturing and sale of yarn.
