Pak Suzuki declares half year loss of Rs2.46 billion

Pak Suzuki declares half year loss of Rs2.46 billion

KARACHI: Pak Suzuki Motor Company Limited has declared loss of Rs2.46 billion for the half year (January – June) 2020, according to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday.

The loss after tax of the company has widened by 61.44 percent when compared with the loss of Rs1.52 billion in the corresponding half of the last year.

The sales of the company witnessed sharp decline of 58 percent to Rs27.48 billion during July – June 2020 as compared with Rs65.43 billion in the corresponding period of the last year.

Industry sources said that the auto sector was already facing hardship during the last year due to multiple factors including slowdown in economy and imposition of various duty and taxes.

Further, the lockdown imposed during the period under review also adversely affected production and sales of motor vehicles.

The Sindh government imposed lockdown on March 23, 2020 to prevent spread of coronavirus. However, the lockdown was eased in July 2020 and auto sector was allowed to resume manufacturing in the same month.