KARACHI: Indus Motor Company on the basis of un-audited accounts of the company declared profit after tax of Rs10.2 billion for the nine months and quarter ended March 31, 2017, as against Rs8.8 billion achieved for the same period last year.
According to Indus Motor CEO Ali Asghar Jamali, “The combined sales of CKD and CBU for the nine months period ended March 2017, was down 4 percent to 46,216 units against 48,004 units sold in the same period last year. The reduction in production quantity was primarily due to modification of our production facility for the introduction of two completely new models of the Fortuner and Hilux Revo and some challenges faced in operational efficiencies due to prolonged and sustained overtime and some electricity breakdowns. We were, however, able to maintain our market share at 27 percent.”
Based on these results, the Board of Directors declared a third interim dividend of Rs30 per share for the quarter ended March 2017 which, on cumulative basis, added up to Rs80 per share compared to Rs60 per share for the same period last year.
The company’s net sales revenues for the nine months ended March 2017 increased by 6 percent to Rs84.3 billion as compared to Rs79.7 billion for the same period last year. The Board of Directors were of the view that demand for automobiles remained strong due to positive consumer sentiments, availability of reasonably priced auto finance and a general feel good factor due to the improved economy and infrastructure spending by the government.
The increase in revenues and profits was due to new product launches, strategic change in sales mix and substantial improvement in parts and oil business.
