A meeting of the Board of Directors of Indus Motor Company Limited was held on April 24, 2017. On the basis of un-audited accounts of the company for the nine months and quarter ended March 31, 2017, the Company declared profit after tax of Rs 10.2 billion as against Rs 8.8 billion achieved for the same period last year.
According to Ali Asghar Jamali, CEO Indus Motor, "The combined sales of CKD and CBU for the nine months period ended March 2017, was down 4 per cent, 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 per cent".
Based on these results, the Board of Directors declared a third interim dividend of Rs 30 per share for the quarter ended March 2017 which, on cumulative basis, added up to Rs 80 per share compared to Rs 60 per share for the same period last year.
The Company's net sales revenues for the nine months ended March 2017 increased by 6 per cent to Rs 84.3 billion as compared to Rs 79.7 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.-PR
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