PSMC records 66% drop in annual profits
MG News | March 25, 2019 at 03:13 PM GMT+05:00
March 25, 2019 (MLN): Pak Suzuki Motors Company Limited (PSMC) has reported net profit of Rs. 1.2 billion for the year ended December 31, 2018, i.e. approximately 66% lower than the profit of last year. Moreover, the Company’s Earing per Share stood at Rs. 15.77.
The cost of sales increased by a greater amount (Rs. 20 billion) as compared to the increase in sales revenue (Rs. 18 billion).
Moreover, the massive increase in finance costs also contributed in dragging down the company’s profitability.
The company announced a final cash dividend for the period under review at Rs. 3.16 per share i.e. 31.6%.
| Profit and loss account for the year ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Turnover | 119,853,898 | 101,811,611 | 17.72% |
| Cost of sales | -112,809,033 | -92,159,038 | 22.41% |
| Gross Profit | 7,044,865 | 9,652,573 | -27.02% |
| Distribution costs | -2,706,853 | -2,804,256 | -3.47% |
| Administrative expenses | -2,301,080 | -1,599,815 | 43.83% |
| Finance costs | -362,523 | -68,088 | 432.43% |
| Other income | 565,943 | 864,711 | -34.55% |
| Workers' profit participation fund | -111,856 | -301,660 | -62.92% |
| Workers' welfare fund | -42,348 | -112,337 | -62.30% |
| Profit from operations | 2,086,148 | 5,631,128 | -62.95% |
| Share of loss of equity accounted investee | -3,212 | -11,914 | -73.04% |
| Profit before taxation | 2,082,936 | 5,619,214 | -62.93% |
| Taxation | -784,828 | -1,793,393 | -56.24% |
| Net Profit for the period after Tax | 1,298,108 | 3,825,821 | -66.07% |
| Earnings per share - basic | 15.77 | 46.49 | -66.08% |
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