Pak Suzuki's profitability jeopardized by increased operating expenses
MG News | October 23, 2018 at 01:29 PM GMT+05:00
October 23, 2018 (MLN): The profits for Pak Suzuki Motors Company Limited have slithered by Rs1.7 billion, exhibiting a decline of 55.04% as per the latest notification issued by the company. The factors contributing to the plunge in profits included increased operating expenses of the company.
The increase in top-line earnings by Rs16 billion was outweighed by more than equal increase in Cost of sales by Rs17 billion, which led to an 18.05% drop in gross profits.
Moreover, the operating expenses including Distribution cost and Administrative cost exhibited hikes of 5.24% and 47.96% respectively, along with a decrease in Non-core income by 27.82% which further worsened the profitability of the company.
Even though the finance cost and taxation fell by 10.93% and 20.33% respectively, the overall impact on the ultimate profits eventually displayed a drop of 55.04%
The Earnings per share of the company also dropped by 55.04% for the nine months period ended September 30th 2018.
| Profit and loss account for the nine months ended September 30th 2018 (Rupees’000) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change | |
| Turnover | 89,018,472 | 72,802,282 | 22.27% |
| Cost of sales | -82,962,438 | -65,411,921 | 26.83% |
| Gross Profit | 6,056,034 | 7,390,361 | -18.05% |
| Distribution costs | -2,073,639 | -1,970,315 | 5.24% |
| Administrative expenses | -1,660,122 | -1,122,011 | 47.96% |
| Finance costs | -125,147 | -140,504 | -10.93% |
| Other income | 479,310 | 664,029 | -27.82% |
| Workers' profit participation fund | -133,730 | -240,309 | -44.35% |
| Workers' welfare fund | -50,818 | -92,048 | -44.79% |
| Profit from operations | 2491888 | 4489203 | -44.49% |
| Share of loss of equity accounted investee | -1839 | -14651 | -87.45% |
| Profit before taxation | 2490049 | 4474552 | -44.35% |
| Taxation | -1097610 | -1377616 | -20.33% |
| Net Profit for the period after Tax | 1392439 | 3096936 | -55.04% |
| Earnings per share | 16.92 | 37.63 | -55.04 |
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