Indus Motors declares fall in half-year profit on high cost of sales

KARACHI: Indus Motors Company Limited has declared 6.13 percent decline in half yearly net profit owing to significant rise in cost of sales for the period.

According to financial results for half year period ended December 31, 2018 submitted to Pakistan Stock Exchange (PSX) on Monday, the company declared profit after tax at Rs6.912 billion as compared with the profit of Rs7.364 billion in the corresponding half of the last year.

The sales of the company surged by 21 percent to Rs76.44 billion during the first half of current fiscal year as compared with Rs63.07 billion in the corresponding half of the last year.

However, cost of the sales increased more rapidly by 27 percent to Rs66.38 billion for the period under review as compared with Rs52.18 billion in the same period of the last year.

Other expenses including administrative and distribution are flat at Rs1.337 billion as compared with Rs1.334 billion for the period.

Indus Motors Company Limited declared profit before taxation at Rs10.03 billion during July – December 2018 as compared with Rs10.51 billion in the corresponding period of the last year.

The company declared earnings per share for the period at Rs87.94 as against Rs93.69 EPS declared in the same period of the last year.

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