Local automobile sales up 15% in 9MFY12

Local automobile sales up 15% in 9MFY12

Local automobile sales up

KARACHI: Local automobile sales [including light commercial vehicles, (LCVs), vans and jeeps] witnessed a growth of 15 percent on yearly basis with 128,576 units of different models sold out in nine months of the current financial year (9MFY12) as compared to 111,852 units in the same period of last fiscal.

According to analysts, the automobiles sales have continued with the prevailing trend of the current financial year on the back of local demand in rural and urban areas of the country.The sales of passenger cars and LCVs have maintained their sales trend despite several prices were increased several times in the current years due to high cost of production.The yellow cab scheme of the Punjab government is one of the major causes of growth in the locally-made cars automobiles in addition to rising level of rural class income on strong agriculture production.

Besides the 21 percent increase in workers’ remittance also reflected its impact on the auto sector throughout 9MFY12.In January to March period, the industry sales rose by 7.0 percent to 46,632 units from 43,753 units recorded in the same period last year, which are up by a significant 22 percent as compared to last quarter (October to December).In March 2012 car sales stood at 16,678 units, up 6.0 percent as against 15,710 units sold in March of last year and are up 11 percent versus 14,962 units sold last month.

Pak-Suzuki Motors Company (PSMC) continued to depict strong growth of 32 percent in 9MFY12 to 81,360 units versus 61,693 units seen in the same period last year as it stands out to be the prime beneficiary of the announced yellow cab scheme.In 3QFY12, the company sales stood at 30,642 units from 3QFY11, up 31 percent and 26 percent from 3QFY11 and 2QFY12, respectively. In March, PSMC sales stood at 11,198 units, up 16 percent from the same month last year and 12 percent from last month.

Indus Motors sales growth remained subdued in 9MFY12 as it sold out 38,858 units as compared to 37,259 units in same period last year, up by 4.0 percent. In 3QFY12 the company sold 14,792 units against 14,851 units in the same period last year, but depicted a significant jump of 26 percent as compared to last quarter.The recent recovery in the sector’s volumetric sales along with the improved margin is expected to bode well for the sector’s profitability going forward. – Dailytimes

Company wise AUTO SALES

Scrips Jul-Mar 12 Jul-Mar 11 YoY Mar-12 Feb-12 MoM

PSMC 81,360 61,693 32% 11,198 10,003 12%

INDU 38,858 37,259 4% 4,492 4,904 -8%

HCAR 7,999 12,114 -34% 975 33 2855%

DFML — 203 — — — —