LOADS sells Karachi property for Rs1.10bn to trim debt
MG News | February 26, 2024 at 02:55 PM GMT+05:00
February 26, 2024 (MLN): Loads Limited (PSX: LOADS) has sold its land and building situated at Plot No.23, Sector 19, Korangi Industrial Area, Karachi at Rs1.10 billion to reduce the borrowings, the company's filing on PSX revealed.
"The proceeds will be utilized to reduce the borrowings from banks and financial institutions and thereby save debt servicing costs," the notification reads.
Loads is a prominent automotive parts manufacturer catering to Original Equipment Manufacturers (OEMs) and Replacement/Aftermarket (RM).
Persistent economic instability, inflationary pressures, and exchange rate fluctuations have impacted the overall performance of the company.
Loads maintain an adequate topline, despite a decline of 42%. Profitability was impacted due to impairment booked on the markup receivable from Hi-Tech Alloy Wheel Limited ('Hi-Tech'), a subsidiary.
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