Indus Motor Company faces another setback as profits for 9MFY20 decline by 51%
By MG News | April 24, 2020 at 01:50 PM GMT+05:00
April 24, 2020 (MLN): Indus Motor Company on Friday announced the financial results for the nine months ended March 31, 2020, which showed a profit after tax figure of Rs. 4.98 billion (EPS: Rs. 63.41), i.e. 51% lower than the figures reported in same period of last year.
The company also paid a Cash Dividend at Rs. 10 per share, I.e. 10%. This is in addition to the combined interim Cash Dividend of 13 per share i.e. 130% already paid.
The revenue of the company declined by 36% owing to decline in volumetric sales, whereas gross profits declined by 48% on account of PKR devaluation.
The company’s distribution expense showed an increase of 24% due to the extensive advertisement and promotional activities carried out during the period.
| Financial results for the nine months ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Net sales | 75,830,354 | 117,979,946 | -35.73% |
| Cost of sales | 68,054,877 | 103,055,837 | -33.96% |
| Gross profit | 7,775,477 | 14,924,109 | -47.90% |
| Distribution expenses | 1,236,590 | 997,619 | 23.95% |
| Administrative expenses | 1,032,047 | 1,001,001 | 3.10% |
| Other operating expenses | 143,611 | 121,328 | 18.37% |
| Workers' Profit Participation Fund and Workers' Welfare Fund | 545,500 | 1,098,479 | -50.34% |
| Other income | 2,337,269 | 3,156,639 | -25.96% |
| Finance cost | 54,238 | 40,815 | 32.89% |
| Profit before taxation | 7,100,760 | 14,821,506 | -52.09% |
| Taxation | 2,117,035 | 4,564,297 | -53.62% |
| Profit after taxation | 4,983,725 | 10,257,209 | -51.41% |
| Earnings per share - basic and diluted (Rupees) | 63.41 | 130.50 | -51.41% |
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