KARACHI: Indus Motor Company Limited (IMC), one of the leading auto manufacturers of the country, on Tuesday announced an earning per share of Rs10.3 for the first quarter of the year ended on March 31. However, the company did not announce any dividend or bonus shares, the company said in a statement.
The profit-after-tax for the period under review stood at Rs809.708 million, registering an increase of over 50 per cent against a profit of Rs403.203 million during the corresponding period last year, said the financial statement sent to the Karachi Stock Exchange.
While for the nine-month period ended on March 31, the company reported a profit-after-tax of Rs2.175 billion, translating into an earning per share of Rs27.68, as compared to a profit of Rs565.983 million and an EPS of Rs7.2 during the corresponding period last year.
The net sales of the company for the nine-month period surged by 53 per cent due to high demand of Corolla’s new model, particularly procurement of company vehicles by the government departments.
The combined sales of Toyota and Daihatsu brands for the quarter ended in March 2010 recorded an impressive growth of 46 per cent to 14,145 units, as compared to 9,688 units sold during the corresponding period last year.
Analysts attributed high sales to phenomenal profitability with reviving macroeconomic indicators, enhanced liquidity in rural economy and continued buying of Corolla by the government institutions.
This is the highest-ever sales posted by the company in nine months after a gap of two years. But on the flip side, the company was unable to achieve full benefit of the volumetric growth, as the rupee deprecated by 6 per cent and 4 per cent against the Japanese yen and the US dollar, respectively with steel prices surging by 25 per cent during the period under review.
Source The News
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