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Sathosa Motors Ltd. (SML), the local agent for Isuzu and Opel motor vehicles, saw its gross turnover declining to Rs. 249.3 million during the nine-month period from April to December 2001, from Rs. 545.4 million recorded during the corresponding period of 2000.

According to the company's interim accounts for the above period, its net turnover was reduced to Rs. 247.2 million from Rs. 540.6 million in the previous year.

Accordingly, Sathosa Motors recorded a Rs. 46.8 million drop in its gross profits from Rs. 98.8 million in the nine-month period in 2000 to Rs. 52 million during the corresponding period last year. It suffered a loss of Rs. 8.7 million before and after tax as no income tax expenses were incurred during the period under review, its unaudited statement of accounts for the period said.

SML, during the corresponding period in 2000, made a profit before tax of Rs. 11.2 million and a profit after tax of Rs. 6.7 million. It paid Rs. 4.5 million as income tax during this period.

The company's cost of sales declined from Rs. 441.8 million to Rs. 195.2 million during the period under review. Other operating income grew to Rs. 4.9 million from Rs. 1.5 million the previous year. Though administrative expenses declined in 2001 to Rs. 23.8 million from Rs. 55.6 million in 2000, sales and distribution expenses increased from Rs. 22.3 million to Rs. 38.7 million.

This resulted in SML making a loss of Rs. 5.6 million from operations during the period under review, compared with an operational profit of Rs. 22.4 million during the corresponding period in 2000.

Net finance expenses during this period declined from Rs. 11.3 million to Rs. 3.1 million. 

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