Business

Dewan Motors losses shrink 79%

Net sales of the company surged 4.5 times to Rs31.53 million from Rs6.97 million

Our Correspondent October 31, 2016

Family Business: Dewan Group’s automobile unit – Dewan Farooque Motors – was the brainchild of young Yousuf when he entered the family business two decades ago. PHOTO: FILE

KARACHI: Dewan Farooque Motors Limited’s (DFML) losses decreased 79% to Rs6.57 million in the quarter ended September 30 on the back of significant cut in cost of sales and distribution and comparatively higher sales, according to a bourse filing Monday.

The manufacturer of Korean brands like Hyundai and Kia had booked a loss of Rs31.98 million in the same quarter last year, the company said in a notification to the Pakistan Stock Exchange. Loss per share stood at Rs0.05 in July-September 2016 compared to Rs0.29 in the same three months of 2015.

Its share price increased 1.12%, or Rs0.39, and closed at Rs34.98 with a volume of 6.88 million shares.

Net sales of the company surged 4.5 times to Rs31.53 million from Rs6.97 million.

The cost of sales remained significantly higher than sales proceeds. However, it reduced to two-times of the sales revenue from five-times of the revenue in the corresponding period.

Published in The Express Tribune, November 1^st, 2016.

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