Pak Suzuki’s losses surge to Rs10bn in 2023
MG News | April 08, 2024 at 09:52 AM GMT+05:00
April 08, 2024 (MLN): Pak Suzuki Motor Company Limited (PSX: PSMC) saw its losses widen by 58.9% YoY in 2023, recording a loss after tax of Rs10.07 billion [LPS: Rs122.35], compared to a loss of Rs6.34bn [LPS: Rs77] in the previous year.
However, the company managed to achieve a modest pre-tax profit of Rs28.94 million, a notable improvement from the prior year’s pre-tax loss of Rs3.19bn.
Going by the results, the company's top line dipped by 49.6% YoY to Rs102.11bn as compared to Rs202.47bn in 2022.
The cost of sales also fell by 55.5% YoY, improving the gross profit by 47.8% YoY to Rs17.27bn in 2023.
The gross margins improved substantially to 16.92% as compared to 5.77% a year earlier.
During the year under review, other income went down by 33.4% YoY to Rs2.14bn as compared to Rs3.21bn in 2022.
On the expense side, the company observed a rise in administrative expenses by 31.7% YoY to Rs3.89bn, while other expenses surged to Rs2.12bn.
Meanwhile, distribution and marketing costs fell by 22.0% YoY to Rs2.51bn.
The company’s finance cost dipped by 5.6% YoY and stood at Rs10.96bn as compared to Rs11.61bn in 2022.
On the tax front, the company paid a significantly higher tax worth Rs10.1bn against the Rs3.19bn paid in the corresponding period of last year, depicting an increase of 3.16x YoY.
| Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales - Net | 102,109,380 | 202,466,737 | -49.57% |
| Cost of sales | (84,835,572) | (190,782,337) | -55.53% |
| Gross Profit / (Loss) | 17,273,808 | 11,684,400 | 47.84% |
| Distribution and marketing costs | (2,510,162) | (3,217,529) | -21.98% |
| Administrative expenses | (3,893,340) | (2,957,069) | 31.66% |
| Reversal / (provision) of impairment losses | 184,761 | (134,985) | - |
| Share of loss of equity accounted investee | (84,551) | (105,941) | -20.19% |
| Other Income | 2,139,116 | 3,211,942 | -33.40% |
| Other operating expenses | (2,116,956) | (8,894) | 23702.07% |
| Finance Cost | (10,963,737) | (11,614,464) | -5.60% |
| Profit before taxation | 28,939 | (3,142,540) | - |
| Taxation | (10,098,630) | (3,194,382) | - |
| Net profit / (loss) for the period | (10,069,691) | (6,336,922) | - |
| Basic earnings/ (loss) per share | (122.35) | (77.00) | - |
Amount in thousand except for EPS
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