Release date: September 2017
The Quarterly Board Meeting of Indus Motor Company Ltd. for the first Quarter of FY 17-18 was held on October 27, 2017. The company’s financial and operating performance for the three months ended September 30, 2017 was reviewed.
The sales of Indus Motor Company for the quarter ended September 30, 2017 were 15,354 units, which is an improvement compared to figures of the same period last year which were 14,542 units. Production increased from 14,851 units in the same period last year to 14,971 units in this three month period. The company’s sales revenue increased to Rs 31.2 billion, up 21% over Rs. 25.8 billion, with the after tax profit of Rs 3.6 billion, as compared to Rs 3 billion achieved during the quarter ended September 30, 2017.
An interim cash dividend of Rs 30 per share was paid. The interim dividend paid for the same period last year was Rs 25 per share.
Mr. Ali Asghar Jamali, CEO Indus Motor Company, commenting on the occasion mentioned that demand for automobiles remained robust throughout the first quarter, stemming from the favorable macroeconomic indicators, positive consumer sentiment and the availability of consumer credit. Nationwide sales of locally assembled passenger cars (PCs) and light commercial vehicles (LCV) over the last three months increased by 27% to 60,469 units from 47,645 units sold in the first quarter of 2016-2017.
In spite of the three year age limit, there has been an increase in the import of used cars and they still continue to impede growth of the auto industry. In fact, this number has been the highest in history at 23,854 units against 12,424 units in the same period last year.
A multi billion rupee investment in plant capacity enhancement is underway which will yield increased production capacity as compared to previous years.
In the month of August 2017, the company launched Toyota Corolla Big Minor Model Change with Best-in-Class safety and luxury features.