Skip to main content

Car sales rise 35 per cent (Express Tribune)


Car sales rise 35 per cent

Published: September 13, 2011
Corolla 7,362
Alto 2,581Cultus 2,672Bolan 2,775 Mehran 5,515Corolla 7,362
KARACHI: 
Reduction in taxes announced by the government helped car sales sprint 35% in the first two months of financial year 2011-12.
Sales stood at 29,537 units from July to August 2011 against 21,833 units sold in the preceding year, according to data released by Pakistan Automotive Manufacturers Association on Monday.
The incentive given by the government in terms of removal of 2.5% special excise duty on imported and locally manufactured vehicles coupled with reduction in general sales tax to 16% from 17% were the core reasons for the growth, said Summit Capital analyst Sarfraz Abbasi.
Growth was primarily led by Pak Suzuki Motor Company as its sales rose by 67% to 18,301 units followed by Indus Motor by 6% to 8,829 units.
The biggest leap forward was seen in Suzuki Swift sales that tripled to 1,274 units against 421 units in the same period last year. Liana, under the domain of 1,300cc engine capacity and above, recorded 149% jump in its sales to 127 units in comparison with just 51 units sold in the same period last year.
Meanwhile, tractor sales dropped by a hefty 78% to 1,993 units on the back of higher input taxes and plant shutdowns during the period. Al-Ghazi Tractors’ production operation remained completely shut during August.
Moreover, car sales declined by 31% in August alone amid less working days due to Eid holidays and lower production on account of Ramazan.
Company-wise breakup shows that this time Indus Motor took the front seat to lead sales with an increase of 27% to 4,728 units compared with 3,360 units sold in the same period last year.
New variants launched by the company in 1,600cc segment and CNG vehicles introduced in the already established market acted as a catalyst in this growth.
Published in The Express Tribune, September 13th, 2011.

Comments

Post a Comment

Popular posts from this blog

Dark days for fertiliser industry continue

Dark days for fertiliser industry continue Published: December 28, 2011 Sales of urea, the most widely used fertiliser, declined by 5% in the period from January to November 2011 due to persistent gas outages faced by manufacturers which has led to a drop in production levels. The four plants which are on the Sui Northern Gas Pipelines Limited network remained the main victims of the chaotic situation due to gas shortage. The dark days are expected to continue as the government in a new gas load management plan has agreed to cut-off gas supply to the four plants on the SNGPL-based pipeline. The four plants include Engro Corporation’s Enven, Pak-Arab Fertilizer, Agritech Fertilizer and Dawood Hercules Fertilizer. Similarly, another fertilizer, di-ammonia phosphate (DAP) witnessed a decline in sales by 18% to 1.01 million tons on a yearly basis against 1.24 million tons in the same period last year, according to data released by National Fertiliser Development Centre on Tuesday....
Post a Comment
Read more

Corporate results: Pak Suzuki posts lower than expected results

                           Corporate results: Pak Suzuki posts lower than expected results By  Farhan Zaheer Published: October 31, 2013 Pak Suzuki sold 59,292 cars in 9MCY13 compared to 69,589 in the same period of last year, down by a significant 15% YoY. PHOTO: FILE KARACHI:  Pak Suzuki Motor Company – the biggest automobile manufacturer by market share in Pakistan – has posted a handsome earning of Rs371 million in the July-September quarter, against a loss of Rs193 million in the corresponding period last year. The company recorded per share earnings of Rs4.51 in the third quarter of 2013 against a loss per share of Rs2.35 last year. In comparison to the third quarter of previous year, the company’s gross profit increased significantly to Rs890 million against a negative growth of Rs49 million. However analysts had projected better results, blaming the ...
Post a Comment
Read more

Car sales surge by 20.5 per cent

Car sales surge by 20.5 per cent Aamir Shafaat Khan   | Business |  From the Newspaper (13 hours ago) Today Nauman Khan of Top Line Securities said December 2011 sales declined as buyers preferred to defer orders due to year end phenomenon. - File photo KARACHI : Car sales in the first half of current fiscal year went up by 20.5 per cent amid negative developments including the government’s decision to impose a ban on CNG kits and cylinders, suspension in production of Honda Civic and City and increase in prices of all vehicles. According to figures shared by the Pakistan Automotive Manufacturers (PAMA), consumers purchased 12,240 more cars in July-December 2011 to 71,886 units as compared to 59,646 units in the same period of 2010. Increase in production of Suzuki Mehran and Suzuki Bolan for onward supply to Punjab government’s Yellow Cab Scheme was the main reason that averted the negative impact of ban on ...
Post a Comment
Read more