Pak Suzuki posts profit

[Naveed Yaseen]

KARACHI: Pak Suzuki Motor Company has announced that it has earned a profit after tax of Rs161.3 million in the first half of 2009 compared to the profit of Rs598.8 million in the same period last year. In the half-year period, earning per share (EPS) was Rs1.96 compared to Rs7.28 in the corresponding period last year. The company announced its unaudited results for the half year ended June 30, 2009 in a board of directors’ meeting held on Monday.

In the second quarter alone, Pak Suzuki Motor recorded earnings of Rs69.4 million and EPS of Rs0.84 versus earnings of Rs393 million and EPS of Rs4.77 last year. Operating income stood at Rs280.6 million as compared to Rs494.6 million and turnover was Rs9.7 billion compared to Rs25.3 billion in the corresponding period last year.

The decline in profitability is largely due to poor sales and rising cost pressures amid higher steel cost and rupee depreciation. The company recorded a 70 per cent decline in its unit sales in the first half of 2009, which translated into its revenues.

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