Indus Motor profits retrogress by 3.32% for 1QFY19

MG News | October 26, 2018 at 12:41 PM GMT+05:00

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October 26, 2018 (MLN): The profits for Indus Motor Company Limited (INDU) have displayed a decline of 3.32% for the quarter ended 30^th September 2018, Rs. 120 million down as compared to corresponding period last year. The variation was a result of a greater increase in cost of sales than sales revenue.

According to the notification issued to PSX, the company’s top-line earnings reported a decent increase of 12.08%, whereas the cost of sales increased by a greater margin of 16.12%, thus reducing the Gross profits by 7.04%.

The company’s Distribution and Administrative expenses exhibited growth of 2.61% and 3.78% respectively, while the company’s other operating expenses increased by a whopping 106.74%.

Even though the Finance cost and Income tax expenses decreased by 33.53% and 1.79%, the overall impact on the bottom-line earnings was negative nonetheless.

The Earnings per share for the quarter ended 30^th September 2018 were 44.63, 3.34% down by previous year.

The company announced an Interim Cash Dividend at Rs. 32.5 per share i.e. 325%

Profit and loss account for the quarter ended September 30th 2018 (Rupees’000)
	Sep-18	Sep-17	% Change
Net sales	34,991,152	31,219,736	12.08%
Cost of sales	29,931,500	25,776,884	16.12%
Gross profit	5,059,652	5,442,852	-7.04%
Distribution expenses	319,327	311,210	2.61%
Administrative expenses	289,586	279,045	3.78%
Other Operating Expenses	6,289	3,042	106.74%
Workers' Profit Participation Fund and Workers' welfare fund	376,154	385,120	-2.33%
Other income	1,053,270	856365	22.99%
Finance cost	101,485	152,671	-33.53%
Profit before taxation	5,020,081	5,168,129	-2.86%
Taxation	1,511,837	1,539,409	-1.79%
Profit after taxation	3,508,244	3,628,720	-3.32%
Earnings per share- basic and diluted	44.63	46.17	-3.34%

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