Pak Suzuki Motors Company profit falls by 35%
By MG News | July 24, 2018 at 02:49 PM GMT+05:00
In the Board of Directors meeting, held on July 24th 2018, Pak Suzuki Motor Company (PSMC) finalized its financial statement for the half year ending June 30th 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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