The mill’s operations have been temporarily suspended, according to an announcement made on Monday by AN Textile Mills Limited.
The company stated in a public filing that the decision was made as a result of an unanticipated market downturn and the lack of high-quality cotton in the local market as a result of heavy rains.
The most recent data show that cotton arrivals up to September 15 decreased by 18.6% to 2.186 million bales.
It is important to note that the current rains and floods have decimated important crops, including cotton, rice, dates, and vegetables across the nation, causing an estimated damage to Pakistan’s agriculture industry of roughly Rs. 400 billion.
