Karachi October 27 2021: Dewan Farooque Motors Limited (DFML) is going through tough conditions and making best endeavors to survive as per company’s management.
A number of recovery suits have been instituted by Banks/Financial Institutions alleging default of company which are being successfully defended by our counsels.
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Orix Leasing Pakistan Limited board has decided to rebrand the company
The proposal of re-profiling of DFML debts is expected to be completed very soon as per management of the company.
After the restructuring of debt, the Company’s operation will be normalized says Chief Executive Officer Mr.Waseem-ul-Haque Ansari.
During the period under review the gross sales is PKR 0.076 (Sep 2020: PKR 0.099) Million, gross loss is PKR 24.240 (Sep 2020: PKR 20.271) million and the after-tax loss is PKR 63.813 (Sep 2020: PKR 36.838) million. The sale of local Car/SUV/LCV sector for the quarter ended September 30, 2021 has shown an increase of 84 percent as compared to the corresponding period of last year.
As per latest financials, company has negative equity of PKR 2.8 billion and PKR 5.8 billion in liabilities.
