PSMC continues its journey on a sinking boat
MG News | April 23, 2020 at 12:58 PM GMT+05:00
April 23, 2020 (MLN): Pak Suzuki Motor Company has once again incurred losses for the quarter ended March 30, 2020, amounting to nearly Rs. 941 million (LPS: Rs. 11), i.e. 4% lower than the losses of same period last year.
The topline income of the company fell by 48%, owing to the decline in demand witnessed during the period, which in turn was a result of higher prices and economic slowdown.
The finance costs of the company depicted a twofold growth, due to the rise in short-term borrowing requirements from rising inventory levels.
However, the company did receive some relief in the form of tax credit, which amounted to Rs. 384 million during the quarter.
| Profit and Loss Account - For the quarter ended March 31, 2020 (Rs'000) | ||||
| Mar-20 | Mar-19 | % Change | ||
| Turnover | 17,741,496 | 34,447,138 | -48% | |
| Cost of sales | (17,168,590) | (33,328,702) | -48% | |
| Gross Profit | 572,906 | 1,118,436 | -49% | |
| Distribution Cost | (320,673) | (742,967) | -57% | |
| Administrative expenses | (577,695) | (622,727) | -7% | |
| Reversal/(provision) of impairment losses | 3,250 | (3,819) | ||
| Finance cost | (1,055,492) | (326,805) | 223% | |
| Other operating income | 53,392 | 49,981 | 7% | |
| Loss from operations | (1,324,312) | (527,901) | 151% | |
| Share of loss of equity accounted investee | (1,200) | (739) | 62% | |
| Profit before taxation | (1,325,512) | (528,640) | 151% | |
| Taxation | 384,398 | (452,104) | ||
| Loss for the period | (941,114) | (980,744) | -4% | |
| Loss per share: basic and diluted | (11) | (12) | -4% |
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