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.
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
Responsible for delivering local & international automotive news.