Bolan Castings extends shutdown amid weak demand
The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
'Further to our earlier notice dated May 09, 2025, regarding the extension of the temporary suspension of production activities of the company till May 23, 2025, it is to inform you that the conditions prompting the earlier suspension continue to prevail, given the lack of customer orders due to continued downturn in the tractor industry,' read the notice.
'Accordingly, the management of the company has decided to further extend the suspension of production activities till June 13, 2025.'
Bolan Castings Limited
Last month, Bolan Castings Limited announced to temporarily halt production activities from April 28 to May 9, citing a drop in customer order
'The decision has been taken by the company's management to adjust operations in response to the declining sales environment,' it said back then.
Bolan Castings Limited was incorporated in Pakistan as a public limited company in 1982. It is engaged in the manufacturing and sale of casting for tractors and automotive parts.
As per the company's latest financial results, the company recorded a net sales of Rs622.19 million during the third quarter ended March 31, 2025, as compared to Rs953.70 million during the same period of last year.
BCL posted a profit after tax of Rs15.31 million during the third quarter, as compared to a PAT of Rs68.50 million during the same period of last year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 days ago
- Business Recorder
Ahsan Iqbal visits Millat Tractors factory
LAHORE: Millat Tractors Limited (MTL) hosted Federal Minister for Planning Development & Special initiatives, Prof. Ahsan Iqbal at MTL Factory, in Lahore on Monday. He was the Chief Guest in an event at the plant to celebrate the start of exports of Millat Tractors to Mexico, expanding Pakistan's foot print in international agricultural machinery markets. On this historic event, the minister appreciated the efforts of MTL for achieving more than 90 percent deletion level in tractors, resulting in saving of precious foreign exchange reserves. The Minister was briefed on the issues being faced by the tractor industry, especially with respect to implementation of a long term 'National Tractor Policy', the absence of which has resulted in inconsistent growth and rollercoaster pattern like sales figures of the industry. Copyright Business Recorder, 2025
Business Recorder
26-07-2025
- Business Recorder
Post-Privatization Era: Growth and Diversification
To maintain its leadership role in tractor manufacturing in thecountry, MTL continues to look towards the future. The newTractor Assembly Plant is part of this philosophy. This plantstarted its production in 1992. The establishment of thismodern plant not only increased production capacity to 16,000tractors per year on a single shift basis, but also provided aquantum leap to the quality of the assembled tractors andpushed MTL into ranks of the major tractor manufacturingcompanies of the world. Looking to the future with optimism and broadeningplans, the opportunities are being explored in multi-applicationof engines and tractors in areas other than the farming sector. Mass production of Generating Sets was started in 1994, whilea 3 ton Forklift Truck branded as Millat, based on TCM technology, was launched in the year 2002. Today, with the Grace of God Almighty, all targets forlocal indigenization as fixed by the Engineering DevelopmentBoard have been achieved and more than 90% of the parts for240 series tractor are produced within Pakistan. Companies within the Millat Group The strength of Millat Group stems from its specialized andinterconnected companies: Millat Tractors Limited (MTL) Millat Tractors Limited (MTL), an ISO 9001:2008 certifiedcompany, is Pakistan's leading engineering concern in theautomotive sector. Tractors: Offers 15 locally manufactured tractor models (50-85hp), competitive globally. Includes the popular Deluxe 100 hp+ models for large farms. Tractor Implements: Provides 35 regular and innovativeattachments, produced under strict quality standards. Prime Movers: Manufactures 3 and 4-cylinder prime moverswith MTL's own 3.152 and 4.248 engines, used by irrigationand firefighting agencies. Fork Lift Trucks: Produces 3-ton fork lift trucks from CKD(Anhui Fork Lift Truck Group China), fitted with MTL's 3.152engines. Power Generation Sets: Offers Diesel generating sets (15-150kVA) with MTL's own engines coupled with Leroy Somer orCummins Alternators. Millat Precision Engineering (MTL Unit 2) Millat Equipment Limited (MTL Unit 2), an ISO 9001:2008certified company, is among Pakistan's most technologicallyadvanced Transmission Gears & Shafts ManufacturingCompanies. It acquired its Gear Manufacturing Plant fromAGCO Limited, UK. Its modern 513,000 sqft facilitymanufactures: Transmission Shafts Spur Gears Helical Gears Spiral & Straight Bevel Gears Sub-assemblies, like the Hydraulic Pump for Massey Ferguson tractors. Bolan Castings Limited (BCL) Bolan Castings Limited (BCL) was incorporated on July 15,1982, as a public limited company. It was privatized on June13, 1993, to a joint collaboration of Millat Tractors Ltd. and itsemployees. BCL produces 20,000 tons of tractor and automotivecastings in grey and ductile iron, including: Engine Blocks Center Housings Cylinder Heads Gearboxes Axle Housing Hubs and Brake drums, among over 180 different types ofcastings. Millat Industrial Products Limited (MIPL) Millat Industrial Products Limited (MIPL) was incorporatedin 1986 as Rex Bären Batteries Limited, manufacturing automobilebatteries with technology from Jungfer Battery Technologyof Austria. In 2002, Millat Tractors Limited acquired it as asubsidiary. Investment modernized and enhanced plant capacityand improved product quality. MIPL produces a wide rangeof batteries including: Maintenance Free Batteries Polypropylene UPS CNG batteries These batteries are made with high qualitystandards, ensuring a perfect Millat battery for every need. Awards and International Ranking Millat Group has consistently received prestigious awards. Itis a regular recipient of the Corporate Excellence Award ofManagement Association of Pakistan and the Top CompaniesAward of Karachi Stock Exchange since the early Annual Report has been acknowledged as the BestAnnual Report by the Institute of Chartered Secretaries andAdmin Association of Pakistan for several years. Internationally, Plimsoll- UK nominated MTL as the 16thlargest company with exceptional performance in the GlobalTractor Manufacturing Industry. Forbes Global magazineincluded MTL in 'Asia's 200 Best Under a Billion Dollar Companies.' In 2016, it received an achievement award in 'Tractor& Agriculture Implements' by FPCCI. Millat Tractors wasdeclared the 2nd Best Company of Pakistan by the PakistanStock Exchange. Brands Foundation, Pakistan, bestowed'Brands of the Year Award' to Millat Tractors in 2016. In 2017, the Company received the Corporate ExcellenceAward by Management Association of Pakistan and the 'BestExport Performance Award in Tractors' by the LahoreChamber of Commerce. In 2018 & 2019, the Pakistan Stock Exchange bestowedMillat Tractors Ltd with 'The Top 25 Companies Award.' In2020, the Management Association of Pakistan conferred the'35th Corporate Excellence Award 2020.' In 2023, The Lahore Chamber of Commerce & Industriespresented Millat Tractors Limited with the 'Top Exporters ofPakistan Award,' and the Pakistan Stock Exchange selectedMTL for the 'Top Companies of the 2022, Award.' On October 23, 2023, Millat Tractors Ltd. was honoredwith the prestigious 39th Corporate Excellence Award by theManagement Association of Pakistan. The trophy was presentedby Syed Murad Ali Shah, Chief Minister of Sindh, to CEO MTL. This reflects their commitmentto innovation and operational excellence, recognizing theteam's dedication. The Importance of Agriculture and a NationalTractor Policy Agriculture is vital to Pakistan, contributing around 23% tothe national GDP and employing nearly 42% of the labor mechanization, with the tractor as an essential machine,plays a critical role in increasing productivity. Therefore, the government must swiftly introduce an agriculture-friendly, long-term 'National Tractor Policy.' RevivingPakistan's tractor industry will safeguard millions oflivelihoods, ensure national food security, and drive sustainableconomic growth. Millat Group employees continue to work with zeal toimprove performance. They are confident the company willkeep marching forward to serve customers. As it celebrates '6decades of Excellence & Service' to the nation, MTL introducesits innovative Deluxe Model Series, signifying a new era oftechnological advancements and customer comfort. MTLstrives to delight customers and also fulfill its social andcorporate responsibilities. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business Recorder
Bolan Castings extends shutdown as weak demand continues
Bolan Castings Limited (BCL), a subsidiary of Millat Tractors Limited, has decided to extend its temporary production halt due to continued weak demand in the tractor industry. The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. 'In view of the continued downturn in the tractor industry and the resulting lack of orders, the production activities of Bolan Castings Limited will remain suspended till the situation improves, hopefully soon,' read the notice. Last month, Bolan Castings Limited announced that temporarily halt production activities. 'It is to inform you that the conditions prompting the earlier suspension continue to prevail, given the lack of customer orders due to the continued downturn in the tractor industry,' read the notice back then. Bolan Castings Limited was incorporated in Pakistan as a public limited company in 1982. It is engaged in the manufacturing and sale of castings for tractors and automotive parts. As per the company's latest financial results, the company recorded a net sales of Rs622.19 million during the third quarter ended March 31, 2025, as compared to Rs953.70 million during the same period of last year. BCL posted a profit after tax of Rs15.31 million during the third quarter, as compared to a PAT of Rs68.50 million during the same period of last year.
