Karachi April 18 2023: Pak Suzuki Motor Company Limited reported loss of PKR 12.9 billion in the quarter ended march 31 2023, according to company filing to the exchange.
Company booked finance cost of PKR 12.5 billion in the first quarter when compared with PKR 1.0 billion in the same quarter last year due to higher exchange losses.
Sales of the company plunged by 54.3 percent in first quarter to PKR 21.8 billion when compared with the corresponding quarter last year. Company reported gross profit of PKR 1.9 billion during the quarter.
Share price of the company drop below PKR 100 after the announcement at Pakistan Stock Exchange.
Pak Suzuki Motor Company Limited was incorporated in Pakistan as a public limited company in August 1983. The Company was formed in accordance with the terms of a joint venture agreement concluded between Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company). The Company is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.