Standstill: Millat Tractors suspends operations

KARACHI: Millat Tractors has joined fellow counterpart Al Ghazi Tractors on the sideline following its formal announcement of halting tractor production on Thursday. The industry witnessed a gradual slump in sales following imposition of 16% GST in March. Tractor sales have more than halved to 11,894 units during July to November 2011 compared with last year’s 24,696 units. Millat Tractors Limited and Al-Ghazi Tractors Limited account for virtually all of industry’s yearly output of more than 72,000 tractors, according to Business Recorder. The company’s stock price plummeted Rs9.04 to close at Rs364.74 at the Karachi Stock Exchange despite the bourse moving upwards during the day.

Published in The Express Tribune, December 23^rd, 2011.