Pak Suzuki, the largest auto assembler of Pakistan witnessed a quarterly loss of Rs 941 million in the quarter ended 31st March 2020, according to a notice sent to the Pakistan Stock Exchange on Thursday. This is also the 6th consecutive quarterly loss posted by Pak Suzuki.
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The figure is a 4.04% decline compared to an after-tax loss of Rs 980 million in the corresponding period for the previous year; the company booked a loss per share of Rs 11.44 compared to a loss per share of Rs 11.92 in the same quarter of last year. Gross margins for the quarter clocked in at 3.23% versus 3.25% in the same period last year.
During the start of the quarter, Pak Suzuki had increased prices of all its variants ranging from 4% to 7%, which helped the company maintain its gross margin, considering higher fixed cost per unit due to COVID-19 lockdowns in the last 8 days of March 2020. For the outgoing quarter, total unit sales were down by 63% against the same period of last year and 37% compared to the previous quarter of this year.
According to the Official Spokesperson of Pak Suzuki, Shafiq Ahmed Shaikh:
“In the month of April, so far no sales activity has taken place because of the lockdown. Due to this crisis, the auto industry is going to incur heavy losses during the year. As the impact of CoVID-19 pandemic crisis is likely to continue in coming months, there is no respite from these woes.”