PSMC suffers massive loss of Rs9.68bn in 6MCY23
MG News | August 25, 2023 at 12:48 PM GMT+05:00
August 25, 2023 (MLN): Pak Suzuki Motor Company Limited (PSX: PSMC) losses expanded substantially to Rs9.68bn [LPS: Rs117.28] compared to a mere loss of Rs17.24 million [LPS: Rs0.21] in the same period last year (SPLY).
Going by the results, the company's top line marked a decline of 61.66% YoY to Rs43.18bn as compared to Rs112.62bn in SPLY.
The cost of sales fell also by 63.99% YoY, maintaining the gross profit at Rs4.15bn in 6MCY23, with a slight decline of 1.53% YoY.
During the period under review, other income decreased by 45.82% YoY to stand at Rs847.55m in 6MCY23 as compared to Rs1.56bn in SPLY.
On the expense side, the company observed a decrease in distribution and marketing expenses by 31.90% YoY while completely eliminating other expenses to clock in at Rs1.78bn and Rs0m respectively during the review period.
The main reason for the huge losses was the soaring finance costs, which increased more than fivefold from Rs1.84bn in 6MCY22 to Rs10.14bn in 6MCY23, due to the high interest rates.
On the tax front, the company faced a higher tax burden of Rs1.54bn, which was more than double the Rs767.84m it paid in the same period of the previous year.
| Unconsolidated (un-audited) Financial Results for six months ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 43,182,382 | 112,624,614 | -61.66% |
| Cost of sales | (39,037,227) | (108,415,033) | -63.99% |
| Gross Profit | 4,145,155 | 4,209,581 | -1.53% |
| Distribution and marketing expenses | (1,121,100) | (1,646,280) | -31.90% |
| Administrative expenses | (1,780,000) | (1,481,219) | 20.17% |
| Other Income | 847,552 | 1,564,371 | -45.82% |
| Finance cost | (10,141,755) | (1,842,324) | 450.49% |
| Share of loss of equity accounted investee | (84,551) | (31,156) | 171.38% |
| Profit before taxation | (8,134,699) | 750,606 | -% |
| Taxation | (1,542,123) | (767,844) | 100.84% |
| Net profit/(loss) for the period | (9,676,822) | (17,238) | 56036.57% |
| Basic and diluted earnings/ (loss) per share | (117) | (0) | -% |
Amount in thousand except for EPS
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