October 19, 2023 (MLN): Pak Suzuki Motor Company Limited (PSX: PSMC) 's losses increased significantly by 2.34x YoY in 9MCY23, resulting in a substantial loss after tax of Rs5.87 billion [LPS: Rs71.34] compared to a loss of Rs2.51bn [LPS: Rs30.45] in the same period last year (SPLY).
Going by the results, the company's top line marked a decline of 48.68% YoY to Rs73.1bn as compared to Rs142.43bn in SPLY.
However, the cost of sales also fell by 52.64% YoY, which improved the gross profit by 45.20% YoY to Rs8.38bn in 9MCY23.
During the period under review, other income slid by 38.81% YoY to stand at Rs1.61bn in 9MCY23 as compared to Rs2.63bn in SPLY.
On the expense side, the company observed a fall in distribution and marketing expenses by 19.98% YoY while administrative expenses rose by 1.77% YoY to clock in at Rs1.72bn and Rs2.32bn respectively during the review period.
The company’s finance costs increased by 50.54% YoY and stood at Rs10bn as compared to Rs6.64bn in 9MCY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.85bn against the tax credit received worth Rs207.86m in the corresponding period of last year.
To note, the Board of Directors (BoD) of PSMC has resolved to delist the company from the Pakistan Stock Exchange (PSX).
| Unconsolidated (un-audited) Financial Results for Nine months ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 73,098,234 | 142,425,086 | -48.68% |
| Cost of sales | (64,719,619) | (136,654,523) | -52.64% |
| Gross Profit | 8,378,615 | 5,770,563 | 45.20% |
| Selling and distribution expenses | (1,721,197) | (2,150,881) | -19.98% |
| Administrative expenses | (2,318,738) | (2,278,382) | 1.77% |
| Reversal of impairment losses | 114,113 | 45,322 | 151.78% |
| Share of loss of equity accounted investee | (84,551) | (89,168) | -5.18% |
| Other Income | 1,608,648 | 2,629,011 | -38.81% |
| Finance cost | (9,997,200) | (6,640,769) | 50.54% |
| Profit before taxation | (4,020,310) | (2,714,304) | 48.12% |
| Taxation | (1,851,138) | 207,859 | – |
| Net profit for the period | (5,871,448.00) | (2,506,445.00) | 134.25% |
| Basic earnings/ (loss) per share | (71.34) | (30.45) | – |
Amount in thousand except for EPS
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Posted on: 2023-10-19T14:56:09+05:00
