Indus Motor halts production amid parts shortage
MG News | July 12, 2024 at 02:56 PM GMT+05:00
July 12, 2024 (MLN): Indus Motor Company Limited (PSX: INDU) has decided to close its production plant from July 15, 2024, to July 22, 2024 (both days inclusive), the company's filing on PSX revealed today.
The reason for the shutdown is the low inventory of manufactured vehicles and a shortage of parts and components for vehicle manufacturing due to supply chain challenges.
"In case of any change in plan will be updated accordingly," the notice concludes.
Back in April 2024, INDU reported its earnings for the first three months of 2024, achieving a profit of Rs 4.45 billion, reflecting a remarkable growth of 38.3% year-on-year (YoY).
Along with the results, the company announced an interim cash dividend of Rs34 per share.
This was in addition to the interim cash dividend of Rs37.7 per share already paid.
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