KARACHI: Pak Suzuki Motor Company posted net loss of Rs981 million and loss per share (LPS) of Rs11.92 for the quarter ended March 31. It compared with the profit after tax (PAT) of Rs904m and earnings per share (EPS) at Rs10.99 for same period in 2018.

Finance charges were the major drag on the bottom line and jumped to Rs327m, from Rs73m.

Topline Securities stated that the decline in profitability was mainly due to depletion in gross profit margin by five percentage points year-on-year to 3pc amidst rupee devaluation, which considerably increased the company’s cost of doing business.

However, its impact to consumers was gradually passed on. Turnover grew 9pc to Rs34.4 billion, from Rs31.5bn on account of multiple price hikes while volume was down by 4pc year-on-year. Despite loss before taxation, the company booked tax expense of Rs452m, which was equivalent to 1.3pc of turnover (minimum turnover tax).

Fatima Fertiliser earns Rs3.09bn

Fatima Fertiliser Company posted 1QCY19 consolidated profit after tax at Rs3.09 billion and earnings per share at Rs1.47, up 35pc over PAT at Rs2.55bn and EPS at Rs1.21 for same quarter last year.

Sales rose to Rs15.7bn, from Rs11.6bn, which analysts attributed to higher prices. Other income contributed Rs209m, higher by 1.17 times, which helped in improved bottom line.

Shell profits plunge 81pc

Shell Pakistan Ltd declared 1QCY19 PAT at Rs257 million and EPS at Rs2.40, which was down 81pc from PAT of Rs1.356bn and EPS Rs12.67 in corresponding period last year.

This significant decline was due to contraction of gross profit margin by 4pc and increase in finance costs. Sales rose to Rs53.3bn, from Rs49.3bn.

Fauji Foods records loss of Rs699m

Fauji Foods Ltd declared loss after tax at Rs699m and LPS at Rs1.32 for the quarter ended March 31, up 13pc year-on-year from loss at Rs619m and LPS at Rs1.17.

Sales declined 24.8pc to Rs1.39bn, from Rs1.85bn. Finance costs which rose 161pc to Rs308m from Rs118m were a major drag on the bottom line.

Published in Dawn, April 24th, 2019