Pak Suzuki Motor Company Limited has announced the temporary closure of its plant until June 10, 2023, due to a shortage of raw materials.
The decision to shut down the production plant, while keeping the automobile plant operational, comes after months of halted production. Shareholders were informed of the decision through the Pakistan Stock Exchange (PSX).
The company reported a significant loss of Rs13 billion in the first quarter of 2023, ending on March 31st. This represents a substantial increase compared to the Rs460 million loss reported during the same period last year. The loss per share for the quarter was Rs156.94, in contrast to Rs5.59 loss per share in the previous year.
Pak Suzuki Motor Co. Limited’s board of directors approved the unaudited condensed interim financial information for the first quarter of 2023. The company’s report highlighted the government’s efforts to maintain foreign exchange reserves and exchange rate stability. It also emphasized the importance of long-term consistent policies for the growth of the auto industry.
The auto industry in Pakistan has been facing challenges due to unfavorable macroeconomic indicators. The industry plays a vital role in import substitution, development of the engineering base, and contributes significantly to the national exchequer. The industry expects government support in the form of tax relaxation and import restrictions to aid its contribution to the country’s economic development.
