Pakistan’s biggest agricultural machinery manufacturer, Millat Tractors Limited, on Thursday announced it will close its operations from January 6 onwards citing low demand and cash flow constraints.
“Due to continuing reduced demand for tractors and cash flow constraints, the company will remain closed from Friday January 6, 2023 till further notice.” it stated in a regulatory filing.
Millat Tractors Limited had earlier announced that it would observe Fridays as non-production days (NPDs) from Dec 16.
The development comes as dozens of companies in recent weeks have announced either a shutdown or reduction in operations in Pakistan owing to reduced demand, inventory shortage, energy crunch and supply chain disruptions.
Last month, MTL announced that it would observe non-production days on Friday, citing lower demand.
Some textile companies, including Nishat Chunian Limited, Crescent Fibres Ltd and Suraj Textile Mills, have also partially suspended production recently due to demand destruction and market conditions.
Bolan Castings Ltd (BCL), the makers of various auto parts of tractors and commercial vehicles, had announced NPDs from Dec 5-23 due to declining sales.
Meanwhile, market experts believe that the situation will remain gloomy in the coming months, with negative growth expected in the industrial sector.
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