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Site update: April 25 2017, at 17:00 PKST
Stock update: April 25 2017.

Recent Financial News in the 'textile-composite' category

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Monday, April 10 2017

‘Textile sector continues facing losses'
LAHORE: Pakistan Hosiery Manufacturers Association (PHMA) Chairman Adil Butt said Saturday that textile exporters are being exposed to heavy financial losses as they passed on the benefit of cut in cost to international buyers immediately after the announcement of the government’s incentive package. Butt expressed concern over the undue delay in refund payment to the exporters, stating that not even a single penny has been released to the export-oriented industry. ‘Govt responsible for decline in textile exports’ “Prime Minister Nawaz Sharif announced incentives worth Rs180 billion in a bid to boost Pakistan’s sagging exports, declaring 7% duty drawback rates for value-added textile exporters,” he said. “The international buyers’ local representatives, who are fully aware of all government policies, demanded the cut in prices of our goods with the same ratio declared by the government. And we have to pass on this benefit to them to keep Pakistani goods competitive in the world market. But it is unfortunate that payment of duty drawback is being delayed constantly,” he added.
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