March 20, 2023 (MLN): Pak Suzuki Motor Company Ltd. (PSMC) ended the year 2022 in red as the company suffered a net loss of Rs6.34 billion (LPS: Rs77) compared to the net profit of Rs2.67bn earned in 2021.
During the period, the sales revenue of the company increased by 26% YoY from Rs160bn to Rs202.46bn, mainly on the back of upward revision in prices.
With regards to major expense heads, the company’s distribution and marketing expenses clocked in at Rs3.22bn, up by 9% YoY while the administration cost inched up to Rs2.95bn, witnessing a surge of 19% YoY compared to the last year.
Meanwhile, the other income of the company jumped by 45% YoY to Rs3.21bn in 2022 compared to Rs2.22bn in 2021.
Owing to the rising interest rates, the finance cost soared by 15x YoY to clock in at Rs11.6bn in 2022.
The company also paid Rs3.19bn in terms of taxation during 2022 compared to Rs1.11bn in 2021.
PSMC has outstanding foreign liabilities equivalent to $184mn at year-end December 31, 2022, which increased to the equivalent of $218mn subsequent to the year-end.
Up to December 31, 2022, the company incurred an exchange loss of Rs3.55bn on foreign currency transactions and balances.
Subsequent to year-end PKR to USD parity has further deteriorated and resulted in a huge unrealized loss of approximately Rs9bn which may impact the equity of the company in the year 2023.
|
Financial Results for the Year ended December 31, 2022 (Rupees in thousands) |
|||
|---|---|---|---|
|
|
Dec-22 |
Dec-21 |
% Change |
|
Turnover |
202,466,737 |
160,082,255 |
26% |
|
Cost of sales |
(190,782,337) |
(151,911,517) |
26% |
|
Gross Profit |
11,684,400 |
8,170,738 |
43% |
|
Distribution Cost |
(3,217,529) |
(2,943,268) |
9% |
|
Administrative expenses |
(2,957,069) |
(2,480,801) |
19% |
|
Reversal/(provision) of impairment losses |
(134,985) |
(69,548) |
94% |
|
Other expenses |
(8,894) |
(279,670) |
-97% |
|
Other income |
3,211,942 |
2,222,665 |
45% |
|
Finance cost |
(11,614,464) |
(737,041) |
1476% |
|
Loss from operations |
(3,036,599) |
3,883,075 |
-178% |
|
Share of loss of equity accounted investee |
(105,941) |
(87,668) |
21% |
|
Profit before taxation |
(3,142,540) |
3,795,407 |
-183% |
|
Taxation |
(3,194,382) |
(1,115,931) |
186% |
|
Net Profit for the period |
(6,336,922) |
2,679,476 |
-336% |
|
Loss/ Earning per share basic and diluted |
(77.00) |
32.56 |
-336% |
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Posted on: 2023-03-20T16:03:56+05:00
