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Reading: Pak Suzuki reports losses of Rs6.3 billion
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Pak Suzuki Plant Closure
PhotoNews Pakistan > Business > Pak Suzuki reports losses of Rs6.3 billion
Business

Pak Suzuki reports losses of Rs6.3 billion

Web Desk
By Web Desk Published March 21, 2023 2 Min Read
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Pak Suzuki Motors. Photo Credits: Suzuki
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Pakistan Suzuku Motors (PSMC) reported Rs6.3 billion and $184 million in foreign liabilities for the year ending December 31, 2022.

“The company has outstanding foreign liabilities equivalent to $184 million at year-end December 31, 2022, which increased to equivalent $218 million subsequent to the year-end.,” the PSX was informed on Monday.

The major impact comes from the rupee devaluation of 65% against the dollar in a year, from Rs175 to Rs280.

“Up to December 31, 2022, the company incurred an exchange loss of Rs3.55 billion on foreign currency transactions and balances,” said Pak Suzuki. “After the year-end, the rupee to dollar parity has further deteriorated and resulted in a massive unrealized loss of Rs9 billion (approximately) – which may impact the company’s equity in 2023.”

“If the foreign currency liability is not paid due to the State Bank of Pakistan (SBP) restrictions, the exchange loss of the company will further improve, which will adversely influence the company’s equity in the financial year 2023,” the statement said.

Gross margins for 4Q2022 were 9.8%, up from 5.2% last year and 4.1% for 9M2022. Insight Research speculates that higher automobile pricing decreased freight charges, and cost-cutting increased gross margins.

The company’s unit sales grew 91% QoQ, driving 101% QoQ revenue growth. Kumar said car prices drove sales growth YoY.

Distribution and marketing expenses rose 15% YoY and 111% QoQ to Rs1,067 million in 4Q2022, matching volumetric sales.

Other Revenue fell 37% YoY and 45% QoQ to Rs583 million in 4Q2022, as bookings fell. Tax expenses were Rs3.4 billion in 4Q2022, up from Rs221 million in 4Q2021 and Rs976 million in 3Q2022.

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