The cumulative losses of the Syrian Textile Public Corporation subsidiaries exceeded three billion Syrian pounds ($60 million) this year, compared to two billion SP last year, reported Al-Hayat, causing them to run out of liquidity.
These losses have largely been attributed to the recent 30 percent rise in the domestic price of cotton, in comparison with the international cotton prices. The local textile manufacturers have complained about high cotton prices, while sources at the Ministry of Agriculture said that the government deliberately raised these prices in order to promote the local cotton-farming sector.
Currently, 12 enterprises out of the Textile Corporation’s 23 subsidiaries are facing losses. —(Albawaba-MEBG)
© 2000 - 2019 Al Bawaba (www.albawaba.com)