Pak Suzuki Motors Company profit falls by 35%

MG News | July 24, 2018 at 02:49 PM GMT+05:00

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In the Board of Directors meeting, held on July 24^th 2018, Pak Suzuki Motor Company (PSMC) finalized its financial statement for the half year ending June 30^th 2018.

According to the report, PSMC’s Turnover increased by 33% as compared to the six months ending in 2017, while their Gross Profit dropped by 10%.

While on one hand the company’s Administrative Costs went up by 38% and its Finance Cost increased by 125%, it’s Other Operating Income decreased by 13%.

Worker’s Profit Participation Fund reduced by 34%, while workers’ welfare fund dropped by 12%, yet the profit before taxation reduced by 29%.

PSMC managed to reduce their tax payments by 17%.

Net profit for the period reduced by 35%.

Profit and Loss Account - For the Half Year Ended June 30th 2018 (Rs'000)
	June 30th 2018	June 30th 2017	% Change
Turnover	62,391,543.00	46,828,895	33%
Cost of sales	(58,026,114.00)	(42,003,672)	38%
Gross Profit	4,365,429	4,825,223	-10%
Distribution Cost	(1,445,925.00)	(1,381,903)	5%
Administrative expenses	(1,015,733.00)	(736,482)	38%
	1,903,771	2,706,838
Finance cost	(92,864.00)	(41,236)	125%
Other opertaing income	389,399.00	445,184	-13%
	2,200,306	3,110,786
Workers' profit participation fund	(109,971.00)	(167,395)	-34%
Workers' welfare fund	(41,789.00)	(47,249)	-12%
	(151,760)	(214,644)
Share of loss of equity accounted investee	(885.00)	-
Profit before taxation	2,047,661	2,896,142	-29%
Taxations:	(750,010.00)	(904,093)	-17%

Net Profit for the period	1,297,651	1,992,049	-35%

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