Pak Suzuki Reports a Big Loss in Half Year

The leading market player in the industry, Pakistan Suzuki Motor Company Limited (PSMC), has unveiled its financial charts for the half year.

Reports have revealed that despite a profitable quarter, the company confronted a significant loss in the half year. Pakistan Suzuki Motor Company Limited (PSMC) announced that the company’s net sales in the second quarter mounted to Rs. 64.88 billion against 30 billion recorded in the corresponding period of last year. Means, quarterly profit went up by 116 percent.

However, the financial number exhibited a loss of Rs. 17.23 million in the first half of 2022 compared to a profit of 1.19 billion in the corresponding period of last year.

Moreover, Pak Suzuki’s profit during the second quarter increased by 5.73 percent, 442,98 million during the second quarter of 2022, compared to 418.96 million in the same period of last year.

The factors that led the company to a higher quarterly profit of Rs. 443 million are:

• Volumetric sales
• Price hikes observed 
• Success of Swift’s new variant 

Pak Suzuki Apologizes For Delayed Delivery

Pak Suzuki issued an apology recently, informing their customers that the deliveries of their cars will be delayed due to “circumstances well beyond their control.”

The company came forward with a comprehensive apology recently. They stated that delivering a quality product on time has always been their utmost priority. But, the recent economic instability in the country has caused a hindrance in achieving this goal.

Pak Suzuki cited issues like economic instability, national and international supply chain issues, and uncertainty affecting the automobile industry to be the cause of this delay.

Another major reason behind this lag, according to the company, is the import of CKD units with the permission of the State Bank, as well as the devaluation of the Pakistani Rupee. All of these factors combined together have led to the delay in car deliveries in Pakistan.