KARACHI: The textile millers have said that the financial results of sector’s listed companies during the first nine months of this fiscal year show that the industry was under serious pressure.
All Pakistan Textile Mills Association (Aptma) Chairman Tariq Saud, in a statement, urged the government to help the industry break out of the current crisis before it reaches “the point of no return”.
Lamenting the government’s “indifference” to the industry, Tariq Saud said the availability of energy twenty-four seven would only be useful when viability of the industry was ensured. “Only 30 per cent of the listed companies fared only marginally better while the remainder were in the red,” he said.
Financial results of the non-listed textile companies were even worse, Saud said, adding that the exports of the sector were showing a negative trend over the last two years.
“It’s a pity that the textile industry has been left unattended and there is no minister to head textile ministry,” he moaned. “No one is ready to take responsibility at government level and even today we have no clue what the government is going to announce for the industry in the upcoming federal budget.”
He also lamented that a package for the textile industry has not been implemented fully despite assurance by the prime minister. Similarly, zero-rating regime for the exports sector has also not been implemented.
Moreover, the government has yet to release pending refunds of sales tax and drawback on local taxes and levies against exports of the entire textile chain, including yarn. The industry’s demand to withdraw gas infrastructure development cess has also not been met so far.
