PSMC reports losses worth Rs 2.9 bln in CY19

MG News | March 20, 2020 at 05:03 PM GMT+05:00

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March 20, 2020 (MLN): Pak Suzuki Motors Company Limited (PSMC) has unveiled its financial results for the CY19, as per which the company posted net losses worth Rs 2.9 billion against the net profits of Rs 1.29 billion earned in CY18.

This has reflected in company’s loss per share which clocked in at Rs 35.49 per share against the earnings per share of Rs 15.77 reported last year.

The topline of the company shrank due to decline in sales volume, but higher pricing during the period mitigated the impact of lower sales as the company witnessed a mere 3% YoY decline in its turnover.

Furthermore, due to rise in input cost, the Gross margins of the company went down from 6% to 2% as the company was unable to pass on full impact of rising production costs.

During the year, company witnessed a whopping rise in financial charges from Rs 362.5 million to Rs 2 billion which adversely impacted company’s net income.

However, the company received a considerable tax reversal worth Rs 2 billion which helped in curtailing company’s losses.

Profit and Loss Account - For the year ended December 31st, 2019 (Rs'000)
	Dec-19	Dec-18	% Change
Turnover	116,548,013	119,853,898	-3%
Cost of sales	(114,563,486)	(112,809,033)	2%
Gross Profit	1,984,527	7,044,865	-72%
Distribution Cost	(2,539,251)	(2,706,853)	-6%
Administrative expenses	(2,528,075)	(2,301,080)	10%
	(3,082,799)	2,036,932	-251%
Finance cost	(2,087,752)	(362,523)	476%
Other operating income	222,504	565,943	-61%
	(4,948,047)	2,240,352
Workers' profit participation fund	-	(111,856)
Workers' welfare fund	(348)	(42,348)	-99%
	(4,948,395)	2,086,148
Share of loss of equity accounted investee	(3,349)	(3,212.00)	4%
Profit before taxation	(4,951,744)	2,082,936
Taxation	2,031,259	(784,828)
Net Profit for the period	(2,920,485)	1,298,108
Loss/ Earning per share basic and diluted	(35.49)	15.77

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