Pak Suzuki Motor Company Limited (PSMC) has announced a staggering loss after tax (LAT) of Rs. 10 billion for the fiscal year ending on December 31st, 2023 (CY23), which is 50% higher than the loss of Rs. 6.3 billion in the same period last year.
The company’s net sales decreased by 50% year on year (YoY) to Rs. 102 billion, down from Rs. 202 billion the previous year.
According to the automaker’s CY23 financial results, the company lost Rs. 122.35 per share, compared to a loss of Rs. 77 per share the previous year.
The company’s gross profit increased by 48% YoY, from Rs. 11.68 billion to Rs. 17.27 billion. Gross margins were 17 percent during the period under review, up from the previous year.
Other income fell 33.4 percent in CY23 to Rs. 2.1 billion, down from Rs. 3.2 billion.
On Monday, PSMC’s share price closed at Rs. 17.02, up Rs. 0.83 or 5.13 percent, with a turnover of 33.7 million shares.
Delisting
In February 2024, PSMC announced a share purchase offer (SPA) to sell 22.14 million shares of the company at Rs. 609 per share, effectively delisting from the Pakistan Stock Exchange.
This was initiated after Suzuki Motor Corporation, Japan, the majority shareholder in Pak Suzuki Motor Company Limited (the Company), recently decided to purchase all of the Company’s shares held by others (other than the Sponsor / Majority Shareholder).
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