Pak Suzuki Motor Company Ltd (PSMCL) has announced that its production plants for car and bike will remain shut from May 02 till May 09 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.
PSMCL 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 Rs460m in the same period last year.