Automotive: AGRIAUTOS INDUSTRIES LIMITED - Analysis of Financial Statements Financial Year 2003 - Financial Year 2008.

Agriautos Industries (AGIL) is part of the House of Habibs. It is a public limited company incorporated in 1981 and was listed on the Karachi Stock Exchange in 1984.

The company is among one of the leading automotive components manufacturers in the private sector and the first company in Pakistan to acquire TS16949 certification. The company's product range includes shock absorbers and struts, pipe fork, cylinder sleeves, steering box, camshafts etc.

The auto sector after showing a robust growth for six years prior to FY08, showed signs of deceleration due to uncertain economic conditions, political unrest, halt in auto financing facilities by some banks due to loan defaults, and increase in interest rates which made auto financing expensive. Further, imposition of additional taxes in the Finance Act, 2008 and the levy of withholding tax on registration of new vehicles, additional federal excise duty on vehicles having engine capacity of more than 850cc, 1% increase in sales tax, provincial luxury tax, slide of the rupee, and fiscal indiscipline will dampen the growth of automotive sector during FY09.

 
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Production figures (PAMA members) 
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2008 2007 %change 
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Passenger Cars 164,710 176,016 -6.42 
Light Commercial Vehicles 22,934 22,970 -0.16 
Trucks & Buses 6,136 5,403 13.57 
Tractors 53,256 54,098 -1.56 
Motorcycles (2&3 Wheelers) 641,031 467,267 37.19 
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ANALYSIS OF FINANCIAL PERFORMANCE FY03-FY08

 
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INCOME STATEMENT …