KARACHI: Pak Suzuki Motor Company Ltd announced on Thursday its earnings for the April-June quarter amounted to Rs443 million, an increase of six per cent from a year ago.

The stock filing showed the company recorded earnings per share of Rs5.38 during the three-month period compared to a loss per share of Rs5.59 in the preceding quarter.

“The result is higher than our expectations due to significantly higher other income. Revenue for the quarter increased 36pc quarter-on-quarter to reach Rs64.9 billion due to higher volumes and higher prices,” said AKD Securities.

The company posted massive “other income” to the tune of Rs1 billion owing to strong income from short-term investments and cash balances.

Despite significant depreciation in the currency, the company hiked its prices while the “tremendous” sales of Swift had a positive impact owing to its new model, it added.

Hub Power profit falls

The Hub Power Company Ltd recorded a profit after tax of Rs29.57bn in 2021-22, down 15pc year-on-year basis, a company notice showed on Thursday.

The company didn’t announce any dividend with the full-year result, limiting the total payout in the 12-month period to Rs6.5 per share.

The decline in earnings is mainly due to a 40pc year-on-year decline in the share of profit from associates and joint venture along with the rise of 8pc in finance cost, said Arif Habib Ltd.

In the fourth quarter alone, the company’s earnings dipped 20pc on an annual basis and 24pc on a quarterly basis.

In 2021-22, net sales increased 78pc year-on-year to Rs97.2bn as despatches rose 132pc to 2,500 gigawatt-hours (GWh) and higher furnace oil prices.

The Hub base plant’s load factor settled at 12pc. Narowal plant’s despatched 868 GWh to the national grid at a load factor of 46pc. Laraib plant’s load factor was 56pc.

PIA losses widen

The net loss of Pakistan International Airlines widened 61.5pc to Rs28.2bn on an unconsolidated basis for the April-June quarter, a regulatory filing showed on Thursday.

Quarterly revenue amounted to Rs36.7bn, up three times on a year-on-year basis.

The company didn’t announce any dividend.

Published in Dawn, August 26th, 2022