Karachi: Pak Suzuki Motor Company Limited (PSMC), assembler of Suzuki motors in country has appointed Hiroshi Kawamura as Managing Director. Current director will step down from his role on May 26. Automaker shared development in filing to Pakistan Stock Exchange (PSX).

“Masafumi Harano, Managing Director has ceased to be Managing Director of company w.e.f. May 26 2023 and Hiroshi Kawamura has been appointed as Managing Director,” notice read.

Development comes days after PSMC recorded its highest-ever quarterly loss of Rs 12.9 billion in first three months of 2023 owing to decrease in sales and high finance cost. Car manufacturing firm had booked loss of Rs 460.227 million in same period last year.

“Result came below industry expectations due to higher than expected finance cost,” said Topline Securities in its note. Meanwhile, country’s auto sector, hugely dependent on imports have been hit hard by government’s decision to curb imports and restrict issuance of Letters of Credit.

Published in The Daily National Courier, April, 21 2023

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