Indus Motors posts 67% decline in half-year profit

Indus Motors posts 67% decline in half-year profit

KARACHI: Indus Motors Company Limited on Wednesday declared massive 67 percent decline in net profit for six-month period ended December 31, 2019.

According to financial results announced by Indus Motors, the company declared Rs2.3 billion profit after tax for the half year ended December 31, 2019 as compared with Rs6.91 billion in the corresponding half in the preceding year.

The company declared earning per shares of Rs29.32 for the period as compared with EPS of Rs87.94 in the same period of the preceding year.

The company declared gross profit of Rs3.76 billion for six month period, which fell by 62.6 percent when compared with Rs10.05 billion in the corresponding period of the last year.

The expenses of the company increased by 14.28 percent to Rs1.52 billion for half year ended December 31, 2019 as compared with Rs1.33 billion in the same period of the last year.

Revenue from contracts with customers has declined 44 percent to Rs42.77 billion during the period under review as compared with Rs76.44 billion in the corresponding period of the last fiscal year.

Cost of sales also came down to Rs39 billion for the half year ended December 31, 2019 as c compared with Rs66.39 billion in the corresponding half of the last year.

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