July 24, 2019 (MLN): Pak Suzuki Motors Company held its board meeting today, i.e. July 24, 2019, wherein the directors of the company announced net losses of Rs. 544 million and Loss per share of Rs. 6.62 for the quarter ended June 30, 2019.
The company saw almost no growth in its sales revenue, in spite of an increase in car prices over the previous quarter. Moreover, the gross profits of the company fell by a whopping 82% on the back of persistent PKR devaluation.
With regards to half-yearly performance, the company incurred losses of Rs. 1.5 billion, as compared to the profits of Rs. 1.2 billion in the same period of last year.
The company’s performance was fairly in line with market expectations, and was closest to the projection put forward by Arif Habib Limited.
Profit and loss account for the quarter ended June 30, 2019 (Rupees'000) |
|||
---|---|---|---|
|
June 30, 2019 |
June 30, 2018 |
% Change |
Turnover |
31,039,879 |
30,880,756 |
0.52% |
Cost of sales |
-30,728,340 |
-29,132,122 |
5.48% |
Gross Profit |
311,539 |
1,748,634 |
-82.18% |
Distribution costs |
-1,000,623 |
-642,098 |
55.84% |
Administrative expenses |
-580,439 |
-517,434 |
12.18% |
Finance costs |
-379,617 |
-19,520 |
1844.76% |
Other income |
52,804 |
213,287 |
-75.24% |
Workers' profit participation fund |
|
-39,125 |
|
Workers' welfare fund |
|
-14,867 |
|
Share of loss of equity accounted investee |
-901 |
-383 |
135.25% |
(Loss) / profit before taxation |
-1,597,237 |
728,494 |
|
Taxation |
1,052,624 |
-334,986 |
|
Net (loss) / profit for the period after Tax |
-544,613 |
393,508 |
|
(Loss)/earning per share – basic and diluted |
-6.62 |
4.78 |
|
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