KARACHI: Pak Suzuki Motor Company posted a net profit of Rs2.77 billion for 2016, down 53 per cent year-on-year, it announced on Tuesday.

Analysts said the result announcement was in line with expectations. The company also announced a final cash dividend of Rs5.50 per share against Rs15 in 2015. Sales dropped 10pc to Rs76.5bn.

Analysts at JS Global commented that the decline in earnings came mainly on the back of 18pc decrease in overall volumes. During 2016, 44pc drop in both Bolan and Ravi variants’ unit sales was recorded.

The absence of Apna Rozgar Scheme led the overall volumetric decline in 2016. Gross margins plunged 398 basis points to 9.6pc on account of 10pc appreciation in the yen versus the dollar and 16pc rise in steel prices that led to higher input costs.

Pakistan Petroleum (PPL): The company announced earnings of Rs11.8bn (EPS Rs5.98) for the first half of 2016-17, almost unchanged from the profit of Rs11.9bn (EPS Rs6.03) a year ago.

It declared a cash dividend of Rs3 per share. For the second quarter, PPL announced an above-expectation profit of Rs5.6bn, up 4pc.

Oil production ramped up by around 12pc on the back of additional flows from Nashpa, Adhi and Mardan Khel fields, which cumulatively added around 15pc to PPL’s Oct-Dec oil volume.

Published in Dawn, March 22nd, 2017