PSMC suffers losses worth Rs460mn in 1QCY22

MG News | April 26, 2022 at 02:15 PM GMT+05:00

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April 26, 2022 (MLN): Pak Suzuki Motor Company Ltd. (PSMC) unveiled its quarterly results ended on March 31, 2021, whereby the company has suffered a net loss of Rs460.22 million (LPS: Rs5.59) against a net profit of Rs777.856mn (EPS: Rs9.45), the company’s filling on PSX showed today.

During the period, sales revenue of the company increased by a 32% YoY from Rs36bn to Rs47.7bn, mainly on the back of volumetric growth along with upward revision in prices.

However, the gross margins during 1QCY22 shrank to 2.83% from 6.12% mainly due to rising input prices and the sharp devaluation of the local currency.

With regards to major expense heads, the company’s distribution and marketing expenses clocked in at Rs732.14mn, up by 3% YoY while the administration cost inched up to Rs740mn, an increase of 11% YoY.

Meanwhile, the company did not receive any amount in terms of other income during the quarter.

Furthermore, finance cost soared by 4x YoY to clock in at Rs1bn from Rs250mn on the back of higher interest rates.

Profit and Loss Account for the quarter ended March 31, 2022 (Rs'000)

	Mar-22	Mar-21	% Change
Sales	47,736,081	36,097,696	32%
Cost of sales	(46,386,780)	(33,889,183)	37%
Gross Profit	1,349,301	2,208,513	-39%
Distribution and marketing expense	(732,149)	(710,211)	3%
Administrative expenses	(740,057)	(665,958)	11%
Reversal/(provision) of impairment losses	(3,528)	(652)	-
Other expenses	-	(82,463)	-
Finance cost	(1,031,107)	(250,450)	312%
Other income	527,333	619,294	-15%
Profit/(Loss) from operations	(630,207)	1,118,073	-
Share of loss of equity accounted investee	(18,000)	(22,501)	-20%
Profit/ (loss) before taxation	(648,207)	1,095,572	-
Taxations	187,980	(317,716)	-
Net Profit/ (loss)for the period	(460,227)	777,856	-
Loss/ Earning per share basic and diluted	-5.59	9.45	-

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