LAHORE- Tractors sale declined during 2MFY16 due to delay in execution of subsidy schemes, as Millat tractors and Al-Ghazi tractors witnessed a decline in their volumes. However, car sales increased by 67 per cent annually (36 per cent monthly) to 20,479 units in the month of August.

Industry sources revealed that farmers are waiting for the execution of announced subsidy schemes by Punjab and Sindh governments. MTL sold 1,329 units in the month of Aug 2015 versus 1,927 units last year. During 2MFY16, company witnessed a decline of 43 per cent YoY to 2,072 units. AGTL also posted a decline in sales to 601 units in Aug 2015 against 1,024 units in the same month last year.

During 2MFY16, volumetric sales of Pakistan automobile sector grew by 89 per cent YoY to 36,388 units, led by taxi scheme and overall improving economic situation in the country.

Amongst individual companies, PSMC sales increased by 98 per cent YoY to 12,917 units in Aug 2015. INDU sold 5,524 units in Aug 2015 compared to 4,065 units in the same month last year. Honda Cars sold 2,002 units in Aug 2015, up 23 percent YoY. During 2MFY16, company posted a growth of 33 percent YoY to 4,183 units.