April 26, 2019 (MLN): Indus Motors Company Limited (INDU) has stated Profit after Tax of Rs. 10.2 billion (EPS: Rs. 130.5) for the nine months period ended on March 31, 2019, showing a decline of 11.85% as against PAT of Rs. 11.6 billion reported in the same period last year.
The net sales of the company increased by 18% owing to higher selling prices and increase in volumetric sales. However, the cost of sales increased by 24.7% due to PKR devaluation, which resulted in gross profit margins declining by 13%.
This shows that in spite of increase in prices of almost all variants, the company was still not able to completely pass on the impact of devaluation on consumers.
The company also announced an Interim Cash Dividend for the quarter ended March 31, 2019 at Rs. 30 per share i.e. 300%. This is in addition to the combined Interim Cash Dividend of 57.50 per share i.e. 575% already paid.
Financial results for the nine months ended March 31 2019 (Rupees'000 )
Mar-19
Mar-18
% Change
Net sales
117,979,946
99,826,906
18.18%
Cost of sales
-103,055,837
-82,608,979
24.75%
Gross profit
14,924,109
17,217,927
-13.32%
Distribution expenses
-997,619
-910,144
9.61%
Administrative expenses
-1,001,001
-1,070,088
-6.46%
Other operating expenses
-121,328
-73,569
64.92%
Workers' Profit Participation Fund and Workers' Welfare Fund
