IMC records profit of Rs 5.9b in 1HFY16

The Pak Banker - - FRONT PAGE -

In­dus Mo­tor Com­pany, the man­u­fac­tur­ers of Toy­ota cars in Pak­istan, recorded a profit of Rs 5.9 bil­lion in the first half of fi­nan­cial year 2015-16 with the com­bined (CKD and CBU) sales in­creased by 34pc to 30,896 units as against 23,081 units sold last year. The pro­duc­tion of pas­sen­ger cars (PC) and light com­mer­cial ve­hi­cles (LCV) for the half year stood at 30,474units, which is up 31% over 23,221 units pro­duced dur­ing the cor­re­spond­ing pe­riod last year. The com­pany's net sales rev­enue and profit af­ter tax for the first half of the year 2015-16 was Rs 51.3 bil­lion and Rs 5.9 bil­lion re­spec­tively as com­pared to Rs 39.1 bil­lion and Rs 3.1 bil­lion re­spec­tively for the same pe­riod last year. The in­crease in both rev­enues and prof­its is mainly at­trib­ut­able to the higher sales vol­umes and mar­gins and tighter con­trol on fixed costs.

Based on the re­sults of the com­pany, the Board of Di­rec­tors of IMC has de­clared a se­cond in­terim div­i­dend of Rs 20 per share for the half year ended De­cem­ber 31, 2015. IMC CEO Parvez Ghias said, "im­proved macroe­co­nomic en­vi­ron­ment with his­toric lows of in­fla­tion and in­ter­est rates, avail­abil­ity of auto fi­nanc­ing, sta­bil­ity in the retail sell­ing prices of CKD ve­hi­cles and drop in fuel prices, all con­trib­uted to up­beat cus­tomer sen­ti­ments and ro­bust de­mand.

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