As compared to net profit of Suzuki Pakistan in the prior year’s first quarter, the company reported a loss of Rs 460.2 million this year. The Pakistan Stock Exchange (PSX) has notified by the business in a statement released.
This is largely due to an increase in the cost of imported parts as the Pakistani rupee continues to depreciate. Suzuki Pakistan reported a loss per share of Rs 5.59 for the quarter under review. It has compared to a profit per share of Rs 9.45 for the same period last year.
There was a 33% year-on-year increase in revenue during the first quarter, from Rs 36 billion in the same time the prior year. Volumetric growth and price revision are the primary causes of the revenue rise. As a result of the rupee depreciation and higher freight costs, gross margins were just 2.8% in the third quarter.
Due to a 15% decrease in cash and cash equivalents, other income amounted to Rs 527 million instead of Rs 619 million. There was a 3% increase in the selling and distribution costs to Rs 732 million from Rs 710 million. Increasing volumetric sales and higher freight costs are driving up distribution costs.