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
