KARACHI: Indus Motor Company (IMC) - the makers of Toyota Corolla in Pakistan - posted a net profit of Rs3.74 billion in quarter ended on December 2017, up 23% compared with Rs3.03 billion in the same quarter last year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
The result was in line with market expectations. Earnings per share (EPS) jumped to Rs47.53 when compared with an EPS of Rs38.51 in the period under review.
The company announced an interim dividend for the quarter at Rs32.5 per share (325%). This is in addition to first interim cash dividend already paid at Rs30 per share (300%).
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This takes the first six-month (Jul-Dec) profit of fiscal year 2017-18 earnings to Rs7.36 billion (EPS Rs93.69) compared with Rs6.07 billion (EPS Rs77.28) in the same period of last year.
The KSE-100 closed at 43,267, down 261 points or 0.60%. Indus Motor’s share price closed at Rs1,698, down 0.37%.
Company’s sale increased by 25% year-on-year during the second quarter of fiscal year 2017-18, where higher priced variants contributed more towards the sales mix, a Topline Securities report said.
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Amid improving volumes of higher priced variants, average revenue per car also grew by 18% year-on-year. Due to higher than anticipated sales of Toyota Fortuner and Revo, revenues witnessed strong growth while fall in margin was somewhat arrested. Fortuner now constitutes 6% of total unit sales compared to less than 1% last year, while Revo now contributes 11% compared to 7% during same period.
Gross profits increased 21% year on year while gross margins decreased by 60 basis points to 17.7% from 18.3% year-on-year.
Published in The Express Tribune, February 24th, 2018.
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