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Business & Finance

Pak Suzuki appoints Hiroshi Kawamaru as new managing director

  • Development comes days after PSMC recorded its highest-ever quarterly loss of Rs12.9 billion
Published April 20, 2023

Pak Suzuki Motor Company Limited (PSMC), the assembler of Suzuki motors in the country, has appointed Hiroshi Kawamura as Managing Director. The current director will step down from his role on May 26.

The automaker shared the development in a filing to the Pakistan Stock Exchange (PSX) on Thursday.

“Masafumi Harano, Managing Director has/have ceased to be the Managing Director of the company w.e.f. 2023-05-26 and Hiroshi Kawamura has/have been appointed as Managing Director," the notice read.

The development comes days after PSMC recorded its highest-ever quarterly loss of Rs12.9 billion in the first three months of 2023 owing to decrease in sales and high finance cost.

The car manufacturing firm had booked a loss of Rs460.227 million in the same period last year.

“The result came below industry expectations due to higher than expected finance cost,” said Topline Securities in its note on Tuesday.

PSMC, a subsidiary of Japanese automaker Suzuki, is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.

Meanwhile, the country’s auto sector, hugely dependent on imports, have been hit hard by the government’s decision to curb imports and restrict issuance of Letters of Credit (LC). Additionally, higher finance cost and massive increase in car prices have also reduced demand from consumers.

Pakistan’s auto industry reported car sales of 9,211 units in March, 62% higher on a month-on-month basis but still 66% lower compared to the number in March 2022, according to data shared by Pakistan Automotive Manufacturers Association (PAMA).

Faced with an acute balance of payments crisis, Pakistan last year imposed restrictions on imports to prevent the outflow of US dollars.

Comments

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Irfan urfi Apr 20, 2023 08:37pm
Warm Welcome ! Wish you Best Wishes !
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test Apr 21, 2023 01:56am
If japanese auto makers doesn't start local manufacturing of auto parts to produce the complete car locally using local resources and local talent then govt must kick these japanese assemblers out of Pakistan which is a market of 250 million people. As far as I know neither these foreign japanese and korean companies are manufacturing anything nor they are bringing in any investment. So this time the govt must take a decision if these foreign companies don't follow then kick them out. No mercy but as usual our elite class will definitely take kickbacks below the table from these companies and share the profit with each other and then convert those rupees into dollars and then remit out but this will not work anymore. If there is no manufacturing we must simply kick these companies out.
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Adnan Apr 21, 2023 10:12pm
40 yrs passed,. And not even Alto is made 100% locally.....all car assemblers are making fool of us
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