Inventory shortage: Pak Suzuki motor shuts production for one week
Business
The PSMCL sales in Jan-March fell to Rs22 billion from Rs47bn
KARACHI (Web Desk) - The Pak Suzuki Motor Company Ltd (PSMCL) has announced that its production plants for car and bike will remain shut from May 2 till May 9 due to a shortage of inventory.
In a stock filing on Wednesday, the auto assembler observed that production closures of over 30 days since August 2022 were due to the State Bank of Pakistan’s restrictions for taking prior permission for imports including completely knocked-down (CKD) kits which had severely affected the clearance of consignments from the port causing parts and accessories shortages.
The company's sales in January-March fell to Rs22 billion from Rs47bn in the same period last year. The company posted the highest-ever quarterly loss of Rs13bn against the loss of Rs460 million in the same period last year.
