IMC profits surge 14 per cent to Rs11.6bn

FILE - in this Oct. 22, 2006 file photo, the Toyota sign hangs over a 2007 Yaris sedan on sale on the lot of a Toyota dealership in the southeast Denver suburb of Centennial, Colo. Toyota Motor Corp. is recalling 7.43 million vehicles in the U.S., Japan, Europe and elsewhere around the world for a faulty power-window switch — the latest, massive quality woes for Japan's top automaker. The recall, announced Wednesday, Oct. 10, 2012 affects more than a dozen models produced from 2005 through 2010. (AP Photo/David Zalubowski, File)

Indus Motor Company (IMC) Friday posted after-tax profit of Rs11.6 billion up by 14 per cent during July-March 2017-18 against Rs10.2 billion, same period last year (SPLY).

The Board of Indus Motor Company Ltd announced that the combined sales of IMC Completely Knocked Down Units (CKD) and Completely Built Units (CBU) for the nine months ended March 31, 2018, clocked at 47,103 units, up 2 per cent over 46,216 units for the SPLY. Meanwhile, IMC enjoyed a 22 per cent for the nine months period.

The company’s net sales turnover for the nine months ended March 31, 2018, increased by 19 per cent to Rs100.2 billion as compared to Rs84.3 billion for the same period last year.

Commenting on the performance, IMC CEO Ali Asghar Jamali said that the increase in revenues and net profit against SPLY 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 per cent 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 per cent at Rs32.5 per share for the quarter ended March 31, 2018 which, on cumulative basis, adds up to 950 per cent i.e. Rs95 per share for the nine months ended March 31, 2018 compared to 800 per cent i.e. Rs80 per share for the same period last year.