April 2, 2002	Tuesday	Muharram 18,1423

KARACHI, April 1: All Pakistan Textile Mills Association (Aptma) chairman Nadeem Maqbool has contradicted the claim of Pakistan Cotton Ginners’ Association that a large stock of pressed cotton was lying unsold with the ginners.

In a statement issued on Monday, the Aptma chief said the quantum of raw cotton purchased by textile mills was the same as of last year as up to March 15, 2002, mills had bought 8.1 million bales that was almost the same quantity of last year.

However, he said textile mills bought 423,325 bales during March 2002, as against 262,916 bales in March last year, showing an increase of 61 per cent in cotton purchase.

Nadeem Maqbool said according to figures, published by PCGA, unsold stock of pressed cotton, as on March 15, 2002, was 1.3 million bales as against 1.2 million bales on the same period last year.

He said that figures clearly proved that in spite of slower arrival of cotton as compared to last year coupled with depressed textile exports mills had bought cotton in quantities almost equal to last year.