PSMC suffers massive loss of Rs12.92bn in 1QFY23
MG News | April 18, 2023 at 02:36 PM GMT+05:00
April 18, 2023 (MLN): Pak Suzuki Motor Company Limited (PSMC) reported a massive net loss of Rs12.92 billion (LPS Rs156.94) for the first quarter ended on March 31, 2023, expanding by 28x YoY compared to a net loss of Rs460.23 million (LPS Rs5.59) in the same period last year, the company’s filing on PSX showed today.
This colossal loss is primarily attributed to the lower sales volume, higher inflation, and shortage of CKD Kits due to the import ban and PKR devaluation.
During the quarter, PSMC's sales plunged by 54% YoY to Rs21.84bn compared to Rs47.74bn in 1QFY22.
On the expense front, the distribution cost surged by 20% YoY to Rs878.45mn, while administrative expenses jumped by 24% YoY to Rs919.83mn.
Other income dropped significantly by 86% YoY to Rs73.76mn compared to Rs527.33mn in the same period last year.
Finance costs were the driving factor in the company’s huge losses, as they went up tremendously 12.43x YoY to Rs12.82bn in 1QFY23 mainly due to rising interest rates.
Meanwhile, the company paid taxation of Rs273.86mn, compared to a tax credit of Rs187.98mn in the same period last year.
|
Financial Results for the Quarter ended on March 31, 2023 (Rupees in thousands) |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
% Change |
|
Sales |
21,839,384 |
47,736,081 |
-54% |
|
Cost of sales |
(19,856,227) |
(46,386,780) |
-57% |
|
Gross Profit |
1,983,157 |
1,349,301 |
47% |
|
Distribution Cost |
(878,446) |
(732,149) |
20% |
|
Administrative expenses |
(919,832) |
(740,057) |
24% |
|
|
184,879 |
(122,905) |
|
|
Provision of impairment losses |
- |
(3,528) |
|
|
Other income |
73,759 |
527,333 |
-86% |
|
Finance cost |
(12,820,546) |
(1,031,107) |
1143% |
|
Loss from operations |
(12,561,908) |
(630,207) |
1893% |
|
Share of loss of equity accounted investee |
(80,000) |
(18,000) |
344% |
|
Loss before taxation |
(12,641,908) |
(648,207) |
1850% |
|
Taxation |
(273,858) |
187,980 |
|
|
Net loss for the period |
(12,915,766) |
(460,227) |
2706% |
|
Loss per share basic and diluted |
(156.94) |
(5.59) |
2708% |
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