In 2022, Pak Suzuki experiences its largest-ever loss of Rs. 6.33 billion.

admin May 21, 2023 Automobile and Vehicles, Information Leave a comment 18 Views

The Pak Suzuki Motor Company Limited (PSMC) reported its highest-ever loss after tax for the calendar year (CY) that ended on December 31st, 2022, at Rs. 6.33 billion.

The business reported a profit of Rs. 2.67 billion over the same time frame the previous year. According to estimates, the Rs. 3.19 billion in taxing in CY22, which is 186 percent more than the Rs. 1.11 billion in taxes paid in CY21, is mostly responsible for the losses.

Due to various price increases, the company saw a 26.5 percent increase in net revenues, from Rs. 160.08 billion to Rs. 202.46 billion.

In contrast to the company’s earnings per share of Rs. 32.56 per share the previous year, the automaker’s financial statements for CY22 show that it suffered a loss of Rs. 77 per share.

Gross margins increased from the 5.1 percent projected in 2021 to 5.8 percent in 2022.

The Business stated in a stock filing that as of December 31, 2022, it had outstanding foreign liabilities of $184 million; nevertheless, this amount rose to $218 million after the year-end.

“Up to December 31, 2022, the Corporation sustained an exchange loss of Rs. 3.55 billion on transactions and balances in foreign currencies. Following year-end, the PKR to USD parity further declined, leading to a sizable unrealized loss of around Rs. 9 billion, which could have an effect on the company’s equity in 2023.

The exchange loss of the Company would increase if the foreign currency liability is not paid due to limits imposed by the State Bank of Pakistan, which would negatively affect the company’s equity in the financial year 2023, according to the filing.

From Rs. 8.17 billion in the same period last year to Rs. 11.68 billion this year, the company’s gross profits climbed by 43%.