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Pakistan's top car maker Suzuki has some bad news for its customer

07:11 PM | 1 Aug, 2016
Pakistan's top car maker Suzuki has some bad news for its customer
KARACHI - Pak Suzuki Motor Company (PSMC) on Monday announced that it will increase the prices of all its cars by 3% with effect from August 1.

This price increase is the first of 2016 that effects every model being sold by the company. Earlier in the year, the company had announced a 2% increase in the price of the Suzuki Wagon R variant, Express Tribune reported.

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

Last week, Pak Suzuki announced its second-quarter (Apr-Jun 2016) results and posted a profit of Rs 488 million, down by a massive 67% from Rs 1.47 billion in the same quarter of last year.

Sales fell 7% year on year to Rs 19 billion in the second quarter of 2016 (2Q2016). This decline was mainly due to drop in volumetric sales after completion of the Apna Rozgar Taxi Scheme by 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).

Any adverse exchange rate movement, implementation of international safety standards, and reduction in import duty are key risks for the company, the report added.

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 23 May 2024

Pakistani currency rates against US Dollar and other currencies on May 23, 2024 (Thursday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.25 for buying and 280.25 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal came down to 73.45.

Today’s currency exchange rates in Pakistan - 23 May 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 277.25 280.25
Euro EUR 297 300
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.52 748.52
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.39 59.99
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.46 731.46
Qatari Riyal ‎QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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