Pak Suzuki’s losses surge to Rs10bn in 2023

MG News | April 08, 2024 at 09:52 AM GMT+05:00

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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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