Honda announces plant shutdown

In a letter sent to the Pakistan Stock Exchange (PSX), Honda Atlas Cars Pakistan Limited has announced shutting down its plant from October 4 to October 11, 2022. “Considering the current economic situation of the country, the government has resorted to stringent measures including minimising the import of CKD kits and raw materials. The company’s supply chain has also been disrupted by such measures,” reads the letter to PSX. “As a result, the company has also to rationalise its production and ultimately shut down its plant from October 4, 2022 to October 11, 2022,” the letter further added. Honda Atlas Cars Limited declared its results for the first quarter ended June 30, 2022, reporting a profit of Rs658.2 million, down 29% as compared to earnings of Rs928.2 million in the same period of last year. Earlier this year, Indus Motors and Pak Suzuki also shut their plants for a week to ten days citing similar reasons.

Published in The Express Tribune, October 4^th, 2022.

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