GFIL shuts down spinning unit due to cost and material constraints

In a notification sent to PSX on 14/05/2024. Ghazi Fabrics International Limited (GFIL) has announced the impact of economic conditions and the cotton supply.

Due to the prevailing economic conditions in the country, increase in power cost and non-availability of quality cotton at affordableprice, it is unable to continue with the production activities. Therefore, the Company has decided to temporarily shut down / closeproduction activities of its Spinning Units till further notice. However, for the time being the Weaving Unit will remain operative. We will continue to monitor the situation for future courseof action.

GFIL shares were last trading at Rs. 10.23 today.

📢 Announcement: We're Moving to Discord – Join Us There! 

Hi everyone! 👋

To improve your experience and offer additional features, we’re moving our community from WhatsApp to Discord!

Here’s what you’ll get on Discord:

✅ Research Reports Channel – Access a regularly updated compilation of valuable research reports
✅ PSX24/7 Bot – Ask anything about the PSX and get instant insights powered by KSEStocks historical data
✅ Organized Channels – Separate spaces for discussions, news, reports, and more
✅ Better Notifications – Control what you see and when
✅ Smoother Interaction – Easier to follow and participate in conversations
✅ Organized trading ideas - trading ideas that you can discuss and keep track of

Join now 👉 https://discord.gg/FP8vvMKW

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →