Asia Pulse reports that Pak Suzuki Motor Co, the country’s largest auto assembler of Suzuki cars, said profit rose two-fold in the first quarter ended March 31 as buyers took advantage of lower lending rates.
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Asia Pulse reported that net profit rose to Rs 385 million (US$6.66 million) from Rs 149 million in the same period a year earlier, the company said in a statement to the Karachi Stock Exchange.
Sales rose 74.18 per cent to Rs 4.095 billion from a year earlier.
The State Bank, the central bank, cut its benchmark-lending rate by 1.5 percentage point to 7.5 per cent in November 2002, prompting banks to lower retail lending rates still further. That prompted sales growth according to industry sources cited by Asia-Pulse.
