Pakistan Suzuki Motors faces a big setback
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KARACHI - Pakistan Suzuki Motors faces a big setback in in shape of massive losses in FY 2019-20.
Pak Suzuki Motors turned red in the quarter ended September 30, 2019 on declining sales volume which reported a loss as against profit incurred during the same period last year.
Pak Suzuki Motor Company Limited on Friday announced its third quarter of 2019 financial result where the company declared a loss of Rs 1.161 billion with loss per share clocked at Rs 14.11, compared to a profit after tax of Rs 95 million or EPS of Rs 1.15 in same period of 2018.
The sales of the company in the third quarter dropped by four percent to Rs 25.6 billion while in the nine months or from January to September the sales rose by 2 percent to stands around Rs 91.123 billion.
In nine months the company suffered a loss of Rs 2.6 billion as compared with Rs 1.392 billion profit.
These numbers according to an analyst reflect that half of the loss incurred in the third quarterly mostly because of sales decline arrived because of higher interest rates, higher car prices and falling economic activity, squeezing purchasing power of the common man.
