PSMC's losses for 9MCY20 fall by merely 3.2%

MG News | October 27, 2020 at 04:25 PM GMT+05:00

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October 27, 2020 (MNL): Pak Suzuki Motor Company has once again reported losses of Rs. 2.6 billion (LPS: 31.58) for the nine months ended September 30, 2020, i.e. only 3.2% lower than the losses incurred during the same period of last year.

Due to the lower volumetric sales that were witnessed after the imposition of lockdown as well as higher prices, the sales revenue of the company fell by 45%. On the other hand, the cost of sales fell by 45.6% owing to a decline in overheads per unit.

Even though the company was operating in a lower interest rate regime, the finance costs surged by 120% during the period owing to higher short-term borrowings made by PSMC to meet its working capital requirement.

The biggest hindrance towards further losses was the presence of tax credits, which totaled Rs. 989.6 million i.e. 8.2% lower than the same period of last year.

Consolidated Financial Results for the nine months ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Net sales	50,082,132	91,065,101	-45.0%
Cost of goods sold	(48,955,839)	(89,924,783)	-45.6%
Gross profit/(loss)	1,126,293	1,140,318	-1.2%
Distribution and marketing expense	(1,009,238)	(2,142,356)	-52.9%
Administrative expenses	(1,578,366)	(1,826,049)	-13.6%
(Provision)/reversal of impairment losses	(13,696)	9,192	-249.0%
Other income	319,250	147,741	116.1%
Share of loss of equity accounted investee	(33,391)	(2,591)	1188.7%
Finance cost	(2,399,352)	(1,090,271)	120.1%
Profit before taxation	(3,588,500)	(3,764,016)	-4.7%
Taxation	989,640	1,077,466	-8.2%
Profit after taxation	(2,598,860)	(2,686,550)	-3.3%
Earnings per share	-31.58	-32.64	-3.2%

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