INDU's half-year profits slip by 6.14 percent

MG News | February 25, 2019 at 12:00 PM GMT+05:00

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February 25, 2019 (MLN): Indus Motor Company Limited has declared profits of Rs. 6.9 billion (EPS: 87.94) for the half year ended December 31, 2018, i.e. around 6.14% lower than the profits made in the same period last year.

The increase in company’s cost of sales surpassed the growth in sales revenue, leading to a negative change in Gross Profit margin.

Moreover, even a decline in major expense heads i.e. Finance cost and Taxation by 2.69% and 0.7% respectively, couldn’t provide a substantial impetus to the company’s financial position.

It is pertinent to mention that the above mentioned results are in line with market expectations, while the estimate closest to the actual earnings was put forward by BIPL Securities.

The company also announced an Interim Cash Dividend for the quarter ended December 31, 2018 at Rs. 25 per share, i.e. 250%. This is in addition to Interim Cash Dividend already paid art Rs. 32.5 per share i.e. 325%.

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Net turnover	76,446,801	63,074,535	21.20%
Cost of sales	-66,389,473	-52,185,265	27.22%
Gross profit	10,057,328	10,889,270	-7.64%
Administration expenses	-596,784	-683,425	-12.68%
Distribution expenses	-662,583	-581,452	13.95%
Other operating expenses	-77,853	-69,784	11.56%
Workers' profit participation fund	-751,523	-782,709	-3.98%
Other income	2,098,084	1,769,845	18.55%
Finance costs	-27,884	-28,654	-2.69%
Profit before taxation	10,038,785	10,513,091	-4.51%
Taxation	-3,126,720	-3,148,882	-0.70%
Profit after taxation	6,912,065	7,364,209	-6.14%
Basic and diluted earnings per share	87.94	93.69	-6.14%

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