Pak Suzuki Motor Company Limited (PSMC) has announced a staggering loss after tax (LAT) of Rs. 10 billion in the year that ended on December 31st, 2023 (CY23), 50 percent higher than a loss of Rs. 6.3 billion in the same period last year.

The net sales of the company decreased by 50 percent year-on-year (YoY) to Rs. 102 billion as compared to Rs. 202 billion last year.

According to the automaker’s financial results for CY23, the company posted a loss per share of Rs. 122.35 per share as compared to a loss per share of Rs. 77 per share last year.

The gross profit of the company increased by 48 percent YoY from Rs. 11.68 billion to Rs. 17.27 billion. Gross margins clocked in at 17 percent during the period in review, which is higher than the previous year.

Other income during CY23 fell by 33.4 percent to Rs. 2.1 billion as compared to Rs. 3.2 billion.

PSMC’s scrip at the bourse closed at Rs. 17.02, up by Rs. 0.83 or 5.13 percent, with a turnover of 33.7 million shares on Monday.

Delisting

PSMC in Februa
ry 2024 initiated the share purchase offer (SPA) to sell 22.14 million shares of the company at Rs. 609 per share and effectively delist from the Pakistan Stock Exchange.

This was initiated after Suzuki Motor Corporation, Japan, the majority shareholder of Pak Suzuki Motor Company Limited (the Company) recently decided to purchase all the shares of the Company held by others (other than those held by the Sponsor / Majority Shareholder).

Source: Pro Pakistani