Karachi March 20 2023: Pak Suzuki Motor Company Limited reported loss of PKR 6.3 billion in 2022 when compared with profit of PKR 2.7 billion in 2021, according to company filing to the exchange.
However, company gross profit increased to PKR 11.7 billion in 2022 compared with PKR 8.2 billion last year due to higher car sales and extraordinary increase in prices. Company sold 125,947 units of car in 2022 which is 2.5 percent higher to 122,922 units sold last year.
Company booked finance cost of PKR 11.6 billion in 2022 compared with just PKR 737 million last year primarily on financial compensation to customers on delayed delivery of vehicles, detention and demurrage charges and exchange losses.
Company booked taxation expense of PKR 3.2 billion in 2022 all of which was booked in the last quarter of the calendar year.
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.