PSMC turns red

October 26, 2022 (MLN): Pak Suzuki Motor Company Ltd. (PSMC) on Wednesday unveiled its financial performance for the period of nine months period that ended on September 30, 2022, whereby the company has suffered a net loss of Rs2.51 billion (LPS: Rs30.46) against a net profit of Rs2.19bn (EPS: Rs26.62), the company’s filling on PSX showed today.

During the period, the sales revenue of the company increased by 22% YoY from Rs116.37bn to Rs142.42bn in 9MCY22 while the cost of sales posted a proportionately higher increase 25 YoY which dented the company’s gross margins to 4.05% from 5.69% in 9MCY21.

With regards to major expense heads, the company’s distribution and marketing expenses clocked in at Rs2.15bn, up by 7% YoY while the administration cost inched up to Rs2.28n, indicating an increase of 11% YoY.

During the review period, the company received Rs2.63bn in terms of other income which is more than twice the other income reported in the 9MCY21.

Furthermore, finance costs soared Rs6.64 bn on the back of higher interest rates, from Rs369.24mn in the same period last year.

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