LAHORE - Tractor sales have reverted to normalized levels as Punjab government tractor scheme has successfully completed in Dec 2012 followed by decline in growth amid high base-effect alongside imposition of the sales tax from Jan 2013. Tractor sales during Feb 2013 recorded a massive 47 per cent monthly growth mainly on account of Millat Tractor’s sales that recorded 97 per cent MoM jump to 2,005 units. However, Al-Ghazi Tractors could manage to sell only 359 units in this period, which was 39 per cent lower on a MoM basis.
As per the latest auto sales and production figures released by the Pakistan Automotive Manufacturers Association (PAMA), car and LCV sales were marginally down 1 per cent MoM during Feb. With this, cumulative auto sales witnessed a 26 per cent YoY reduction during 8MFY13. Segment-wise break-up reveals the 1000-1300cc segment dropped 8 per cent MoM and a massive 56 per cent YoY in 8MFY13. This was followed by the economy segment (less than 1000cc) witnessing a decline of 6 per cent MoM and 18 per cent YoY in 8MFY13. During this period, the high-end segment (1300cc+) remained resilient as it was slightly down 2 per cent MoM, however down 12 per cent YoY in 8MFY13. The overall lackluster performance can mainly be attributed to the high base-effect of last year (gov’t scheme) and piled up inventory of imported cars.
Pakistan Suzuki Motor Company Limited’s (PSMC) market share dropped in 8MFY13 to 58 per cent against 63 per cent same period last year. This is due to a 31 per cent YoY plunge in the sales units during 8MFY13 to 48,328 units.
Encouragingly, company sales jumped by a massive 69 per cent MoM in Feb-13, on account of increase in the sales volume of Bolan (14 per cent) and Ravi (6 per cent), respectively. Indus Motor Company Limited (INDU) experienced a second consecutive month of sales growth, with however a meager 1 per cent MoM in Feb-13 to 3,588 units. Nevertheless, company’s 8MFY12 sales are still down a huge 36 per cent YoY to 21,847 units.
Honda Atlas Cars Pakistan Limited (HCAR) witnessed a month of contraction in sales 9 per cent MoM in Feb-13. This was mainly owing to the upsurge in sales during Jan-13. However, 8MFY13 portrays an improved picture as the sales during the period surged by 78 per cent YoY.