Pak Suzuki Motor Co. (PSMC) has posted NPAT of PkR1,849mn (EPS: PkR22.47) in CY13 vs. NPAT of PkR979mn (EPS: PkR11.87) in CY12, translating into robust 89%YoY growth. This was in line with our projected NPAT of PkR1,853mn (EPS: PkR22.52) although the final dividend of PkR4/share fell slightly short of expectations. Key result highlights included: 1) 13%YoY decline in sales (lower volumes) but a 38%YoY increase in Gross Profit due to margin expansion (CY13: 6.4%; CY12: 4.0%), 2) a 25%YoY increase in distribution & admin expenses and 3) a 67%YoY increase in net other income. Near-doubling of profits is also partly due to a lower effective tax rate of 21% in CY13 (CY12: 35%), where on a pre-tax basis CY13 earnings are up by 57% YoY
Posted on: Fri, 07 Mar 2014 04:36:19 +0000
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