09272016Tue
Last update: Tue, 27 Sep 2016 10pm

Cotton and Textiles: Pakistan

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A sustained buying by mills and spinners failed to stop decline in prices on the cotton market on Monday in the process of trading, dealers said. The official spot rate was down by Rs 100 to Rs 6050, dealers said. In Sindh, seed cotton prices were down at Rs 2900-3150 and in Punjab rates of Phutti were at Rs 2800-3150, as per 40 kg, they said.
Technical textile is the future of Pakistani export and the government as well as the textile's units owners should evolve a comprehensive strategy to adopt and promote it in their respective units on war footings, said Zia Alamdar Hussain acting president of the Faisalabad Chamber of Commerce and Industry (FCCI).
Din Textile Mills Limited has posted Rs 60.518 million as profit after tax in the year ended June 30, 2016 (FY16) as compared to after tax loss of Rs 200.323 million in the same period in FY15. The company's earning per shares stood at Rs 2.70 in this period against per share loss of Rs 8.93 in the same period a year ago.
The country is likely to face a shortfall of 4 million bales in cotton crop production in the current season (2016-17) which may cause loss of about 0.5 percent to GDP growth rate, sources revealed to Business Recorder.
The election for 2016-17 of All Pakistan Cotton Power Looms Association (APCPA) has been completed and Chaudhry Abdul Haq has been elected Chairman, Muhammad Ashfaq elected Senior Vice Chairman and Nasir Javed Sheikh elected Vice Chairman.
Dr Jeso Mal from Sindh has been elected unopposed as Chairman of Pakistan Cotton Ginners Association (PCGA) for the year 2016-17. Suhail Mehmood Haral and Prem Chand Kohistani have been elected unopposed as Senior Vice Chairman and Vice Chairman of the association.
Prices came down on the cotton market on Saturday in line with international trend, dealers said. The official spot rate was lower by Rs 100 to Rs 6150, dealers said. In Sindh, seed cotton prices were down at Rs 3000-32500 and in Punjab rates of Phutti were at Rs 2800-3200, as per 40 kg, they said. In ready business, around 18,000 bales of cotton changed hands between Rs 6050 and Rs 6400, they said.