The profit of Indus Motor Company (IMC) took a hit as company’s earnings declined 62.4% to Rs 1.32 billion in the quarter ended September 30, 2019 owing to worsening sales volumes. According to a notice sent to the Pakistan Stock Exchange (PSX), the company had posted a profit of Rs 3.51 billion in the same period of previous year.
Earnings per share stood at Rs 16.78 in the quarter under review compared to Rs 44.63 in the corresponding period of previous year. Net sales dropped 41% to Rs 20.7 billion in the Jul-Sept 2019 quarter from Rs 34.9 billion in the same quarter of previous year. The decline in topline came despite an increase in prices of all variants as car sales continued to nosedive.
Finance cost jumped an exorbitant 96.5% to Rs 19.5 million in the period under review from Rs 9.9 million in the previous year. Other income fell 34% to Rs 694.8 million, mainly due to lower short-term investments, which stood at Rs 23 billion as per latest balance sheet numbers, compared to Rs 55 billion in 1QFY19.
Full story: Express Tribune