Indus Motor Posts Profit of Rs 3.05 Billion

Indus Motor Posts Profit of Rs 3.05 Billion 1

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Indus Motor Company, the second largest car maker in Pakistan has achieved a net profit of Rs 3.05 billion in the quarter ended September 2016, up 4% compared with Rs 2.93 billion in the same period of last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).

Earnings per share increased to Rs 38.77 in Jul-Sept 2016 compared with Rs 37.33 in the same quarter of previous year.

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Along with the result, the automaker announced an interim cash dividend of Rs 25 per share. Indus Motor’s share price edged up 0.06% and closed at Rs 1,529 at the PSX on Thursday. However, the benchmark KSE 100-share Index ended the day at 39,987 points, down 539 points or 1.35%. Revenues grew 3.6% year-on-year to Rs 25.8 billion. Gross profit margins fell 65 basis points to 16.2% during the Jul-Sept quarter. Other income of the company rose 9.5% to Rs 874 million.

Analysts say the car maker is still heavily relying on Toyota Corolla whose demand is quite strong. Indus Motor posted a profit of Rs 11.45 billion in the financial year ended June 2016, up 26% compared with Rs 9.11 billion in fiscal year 2015.

Source: Express Tribune

 

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