Earning review: PSMC does not surprise

MG News | July 24, 2019 at 03:10 PM GMT+05:00

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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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