Lower earnings for Pakistan’s Gentipak in 2017-18
General Tyre and Rubber Company of Pakistan Limited reports net sales for the financial year ending 30 June 2018 increased 22.2 per cent year-on-year to PKR 11,785.5 million (£78.7 million). Profit from operations amounted to PKR 1,190.1 million (£7.9 million), down 8.7 per cent on the previous year’s result. Total comprehensive income for the year was PKR 671.4 million (£4.5 million), 20.7 per cent lower than in the 2016-17 financial year. Earnings per share amounted to PKR 11.97 (2016-17: PKR 14.75).
According to the most recent production figures, which refer to the 2016-17 financial year, the Pakistan-based tyre maker held the capacity to produce 3.4 million tyres per annum, up from 3.2 million a year earlier. Actual production decreased 4.2 per cent per cent year-on-year, however, with 2.3 million tyres manufactured in 2016-17. This reduction in capacity utilisation to 67.6 per cent reflects a slight decline in the automotive sector during the year. Passenger car tyres accounted for almost 45 per cent of sales volumes with motorcycle tyres, as the next largest segment, accounting for around half this. The company is said to supply more than one-third of Pakistan’s demand for car, truck, motorcycle, tractor and rickshaw tyres.
Further information about Gentipak’s 2017-18 financial results is available here.