AIRLINK 166.80 Decreased By ▼ -8.75 (-4.98%)
BOP 10.21 Decreased By ▼ -0.80 (-7.27%)
CNERGY 7.79 Decreased By ▼ -0.50 (-6.03%)
FCCL 45.52 Decreased By ▼ -1.71 (-3.62%)
FFL 15.02 Decreased By ▼ -1.00 (-6.24%)
FLYNG 26.50 Decreased By ▼ -0.81 (-2.97%)
HUBC 133.00 Decreased By ▼ -9.32 (-6.55%)
HUMNL 12.90 Decreased By ▼ -0.40 (-3.01%)
KEL 4.15 Decreased By ▼ -0.29 (-6.53%)
KOSM 5.46 Decreased By ▼ -0.44 (-7.46%)
MLCF 59.05 Decreased By ▼ -2.75 (-4.45%)
OGDC 211.49 Decreased By ▼ -15.28 (-6.74%)
PACE 5.46 Decreased By ▼ -0.31 (-5.37%)
PAEL 41.30 Decreased By ▼ -3.50 (-7.81%)
PIAHCLA 16.80 Decreased By ▼ -1.08 (-6.04%)
PIBTL 9.89 Decreased By ▼ -0.58 (-5.54%)
POWER 11.55 Decreased By ▼ -0.47 (-3.91%)
PPL 172.48 Decreased By ▼ -13.44 (-7.23%)
PRL 33.80 Decreased By ▼ -3.36 (-9.04%)
PTC 22.25 Decreased By ▼ -1.80 (-7.48%)
SEARL 92.39 Decreased By ▼ -7.90 (-7.88%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 35.65 Decreased By ▼ -2.86 (-7.43%)
SYM 13.34 Decreased By ▼ -1.41 (-9.56%)
TELE 7.05 Decreased By ▼ -0.68 (-8.8%)
TPLP 10.18 Decreased By ▼ -0.85 (-7.71%)
TRG 60.50 Decreased By ▼ -5.50 (-8.33%)
WAVESAPP 10.37 Decreased By ▼ -0.60 (-5.47%)
WTL 1.28 Decreased By ▼ -0.07 (-5.19%)
YOUW 3.73 Decreased By ▼ -0.05 (-1.32%)
BR100 12,116 Decreased By -710.4 (-5.54%)
BR30 36,187 Decreased By -2674.1 (-6.88%)
KSE100 113,551 Decreased By -5240.3 (-4.41%)
KSE30 35,103 Decreased By -1675.5 (-4.56%)

Pak Leather Crafts Limited (PLCL), a manufacturer and exporter of leather goods, has announced to downsize its present operations and diversify to other businesses.

The listed company, engaged in leather tanning, and manufacturing of leather garments, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“The board made some strategic decisions for the revival of the company,” read the statement.

“The decisions include but not limited to downsizing the present operations, diversifying to other manufacturing lines of business, warehousing or supply chain management.”

PLCL’s board has also decided on an alternate option to dispose of the company’s assets located at Plot 18, Sector 7-A Korangi Industrial Area, Karachi.

The assets comprise leasehold land, building on leasehold land and plant and machinery.

“Further, simultaneously an economical portion of the said assets be acquired, from the prospective purchaser, for the continuation of uninterrupted business/manufacturing activities of the company,” PLCL said.

The company said the decision is subject to necessary approval of shareholders.

In recent months, a number of Pakistani companies have decide to either shut down operations or pursue the layoff route owing to high tax rates and spiralling costs.

Earlier, Business Recorder reported that Engro Corp, a major conglomerate in Pakistan with a market cap of over $580 million, has cut jobs across its trading, logistics, and pesticide businesses as well as some of its functional departments. The company severed ties with over a 100 employees across multiple business lines, the report added.

Similarly, Amreli Steels reduced its production capacity by 30%, but an official – not authorised to speak to the media on the matter – indicated that over 300 staff members were let go across its divisions.

These announcements highlight the issues facing Pakistan’s economy that announced its GDP grew by 3.07% in the April-June quarter of 2023-24.

However, the growth has come largely on the back of agriculture as industrial activity contracted 3.59% during the three-month period, a statement by the National Accounts Committee showed. This was the sector’s third contraction on a quarterly basis during the fiscal year.

Comments

Comments are closed.

Po Oct 04, 2024 05:47pm
Incompetent industrialists
thumb_up Recommended (0)
KhanRA Oct 04, 2024 11:43pm
The interest of the the West in lower quality leather is also waning. People want high quality leather, and companies want to offer cheap synthetic leather. Our “in between” market has no buyer.
thumb_up Recommended (0)