Pak Suzuki posts losses

KARACHI: Pak Suzuki Motor Co. Ltd., one of the top auto manufacturers in Pakistan, on Monday reported losses of more than Rs6 billion in its full-year earnings.

In a statement to the Pakistan Stock Exchange, the company reported a net loss of Rs6.336 billion for the year that ended December 31, down from profits of Rs2.679 billion the previous year.

The company also skipped any payout for this period. Loss per share came in at Rs77/share, compared with earnings per share of Rs32.56/share last year.

Pak Suzuki said its revenue for the year rose to Rs202.466 billion, compared with Rs160.082 billion a year earlier. It said the cost of sales increased to Rs190.782 billion from Rs151.911 billion during the same period last year.

The company said its finance cost for the period rose to Rs11.614 billion, compared with Rs737.041 million the previous year, which converted profits into losses.

In another announcement, the company secretary of Pak Suzuki announced that its foreign liabilities had increased. “The company has outstanding foreign liabilities of equivalent to $184 million at the year-end of 2022, which increased to $218 million and the company incurred an exchange loss of Rs3.55 billion on foreign currency transactions and balances.

He said, “Subsequent to year-end PKR to USD parity has further deteriorated and resulted in the huge unrealized loss of Rs9 billion (approximately) which may impact the equity of the company in the year 2023.”