Indus Motor posts profit to Rs11.6 bn

Staff Reporter

Karachi

Indus Motor has announced its financial results for the Nine Months FY18. The Company’s net sales turnover for the period have increased by 19 percent to Rs100.2 billion as compared to Rs84.3 billion for the same period last year, while profit after tax increased by 14 percent to Rs11.6 billion as against Rs10.2 billion achieved for the same period last year.
The Quarterly Board Meeting of Indus Motor Company Ltd. for the quarter and nine months ended 31st March FY 2017-18 was held here recently.
The combined sales of IMC CKD and CBU for the nine months ended March 31, 2018, clocked 47,103 units, up 2 percent over 46,216 units for the same period last year. The market share stood at 22 percent for the nine months period.The Chief Executive Officer of Indus Motor Company Ali Asghar Jamali said the increase in revenues and net profit against last year same period was mainly attributable to improved turnover of both CKD and CBU vehicles on account of minor model changes of all major vehicles during the year and improvement in operational efficiencies and sales mix.He also said that demand momentum for automobiles remained strong throughout the period, due to rising disposable incomes, availability of reasonably priced auto financing and growth in ride-hailing services. On a nine months basis, the sales of locally manufactured PCs and LCVs witnessed an increase of 23 percent to 198,176 units compared to 161,692 units sold during the same period last year.
The Board of Directors declared third interim cash dividend of 325 percent i.e. Rs32.5 per share for the quarter ended March 31, 2018 which, on cumulative basis.

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