Masood Textile Mills Limited informed Pakistan Stock Exchange that board of directors of the company has decided to deferred the agenda of approval of quarterly accounts for the 3rd quarter and nine months period ended March 31, 2020 due to incomplete data entry, inventory valuation issues, difficulties in provisioning onerous contracts and uncertainty about expected credit losses due to COVID-19 and non-availability of concern staff due to COVID-19 lock down.

The announcement is available at:

https://dps.psx.com.pk/download/document/146907.pdf

Masood Textile Mills is the only textile mill in Pakistan with latest computerized Barcode System that assures quality in every operation of production from spinning to packing. Products of each department carry bar coded stickers, which bear all the details and history of the operations of that product. Hence if any problem is reported, one can trace back the root of the problem and enable to prevent occurrence of the same in future.

Besides, MTM is one of the few fully vertical textile mills in Pakistan having in-house Yarn, Knitting, Fabric dyeing, Processing, Laundry and Apparel Manufacturing facilities. The vertically integrated operations help us in achieving shorter lead times and greater flexibility to cater to the customers demand.

The symbol "MSOT" is being used by the stock exchange for Masood Textile Mills.

© Pakistan Press International, source Asianet-Pakistan