Pak Suzuki Increases Car Prices By 3 Percent


From Express Tribune: Pak Suzuki Motor Company (PSMC) – Pakistan’s top car maker by market share – has increased prices of its vehicles by 3% with effect from 1st August 2016, according to information given by official dealers.

It translates to a price hike between Rs. 20,000 to Rs. 30,000 on all its car models.

The company’s share price increased 3% on Monday, finishing at Rs. 413.5. The benchmark-100 index also went up 0.69% in a bullish day for investors.

This price increase is the first of 2016 that affects every model with the company increasing the price of its Suzuki Wagon R variant by 2% earlier in the year.

When contacted by The Express Tribune via phone, Pak Suzuki’s spokesperson Shafiq Shaikh promised to revert in 10 minutes. However, he did not respond despite repeated phone calls.

Pak Suzuki Motor Company’s profit drops 41% in H1

Last week, Pak Suzuki announced its second-quarter (Apr-Jun 2016) results and posted a profit of Rs488 million, down by a massive 67% from Rs1.47 billion in the same quarter of last year.

According to Topline Securities, the result was below market expectations.

Sales fell 7% year on year to Rs19 billion in the second quarter of 2016 (2Q2016). This decline was mainly due to drop in volumetric sales post culmination of Apna Rozgar Taxi Scheme of the Punjab government.

PSMC’s sales in the outgoing quarter were 26,011 units, a decline of 19% year on year (down 11% year on year to 56,192 units in first half of 2016 (1H2016).

Excluding taxi units (Ravi and Bolan), sales were robust as they increased 23% year on year to 16,911 units in 2Q2016 (17% year on year to 34,864 units in 1H2016).

Following prices have been taken from Pak Suzuki website:

Wagon-R VX Rs. 859,000/- *
Wagon-R VXR Rs. 1,009,000/- *
Wagon-R VXL Rs. 1,049,000/- *
Swift Auto Navi Rs. 1,511,000/-*
Swift Automatic Rs. 1,463,000/-*
Swift 1.3 DLX Navi Rs. 1,375,000/-*
Swift 1.3 DLX Rs. 1,327,000/-*
Cultus Rs. 1,124,000/- *
Cultus CNG Rs. 1,199,000/- *
Mehran VX Rs. 650,000/- *
Mehran VX CNG Rs. 720,000/- *
Mehran VXR Rs. 703,000/- *
Mehran VXR CNG Rs. 773,000/- *
Bolan VX EURO II Rs. 725,000/-*
Cargo Van EURO II Rs. 696,000/-*
Ravi EURO II Rs. 667,000/-*

*          Rs. 5,000/- extra for Metallic colors
            Rs. 10,000/- advance income tax for filers/ non-filers


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