Indus Motor Co. continues to face the wrath of adverse economic situation
By MG News | October 29, 2019 at 12:30 PM GMT+05:00
October 29, 2019 (MLN): Indus Motor Company (INDU) has announced its financial results for the quarter ended September 30, 2019, wherein it has suffered a decline from Rs. 3.5 billion in last year to Rs. 1.3 billion this year, i.e. down by 62.4%.
Clearly, the company continued to face the wrath of unrelenting decline in the volumetric sale on account of higher prices, as well as the adverse economic situation of the country.
Unsurprisingly, the gross profits fell by 59.5% due to the company’s inability to pass on the impact of PKR devaluation onto the consumers.
The non-core income also fell by a considerable margin of 34% due to fall in short term investments as well as fall in bank deposits.
The company also paid an Interim Cash Dividend for the aforementioned period at Rs. 7 per share i.e. 70%.
| Financial Results for the quarter ended September 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Net sales | 20,716,040 | 34,899,572 | -40.64% |
| Cost of sales | 18,707,669 | 29,931,500 | -37.50% |
| Gross profit | 2,008,371 | 4,968,072 | -59.57% |
| Distribution expenses | 400,324 | 319,327 | 25.36% |
| Administrative expenses | 324,219 | 289,586 | 11.96% |
| Other operating expenses | 48,028 | 6,289 | 663.68% |
| Workers' Profit Participation Fund and Workers' Welfare Fund | 131,867 | 376,154 | -64.94% |
| Other income | 694,782 | 1,053,270 | -34.04% |
| Finance cost | 19,466 | 9,905 | 96.53% |
| Profit before taxation | 1,779,249 | 5,020,081 | -64.56% |
| Taxation | 460,514 | 1,511,837 | -69.54% |
| Profit after taxation | 1,318,735 | 3,508,244 | -62.41% |
| Earnings per share - basic and diluted (Rupees) | 16.78 | 44.63 | -62.40% |
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