Indus Motor Company’s (IMC) profit has been plunged by 10% to PKR 3.4 billion.
In a notice sent to Pakistan Stock Exchange (PSX), the company has revealed that its profit for the quarter that ended on 31, December 2018 has been dropped to PKR 3.4 billion as opposed to PKR 3.7 billion in the same period of the corresponding year.
The Earnings per share (EPS) of Toyota IMC is also down, in the quarter (Oct-Dec 2018) the earnings per share was PKR 43.31, and in the same period of the previous year, it was around PKR 47.53. As per an analyst, the profit fell due to low gross margins. He said, “ the company endured a big hit on gross margins, which contracted too much.”
Aside from the quarterly profit, the half-year (Jul-Dec 2018) profit has also dipped by 6.5% to PKR 7 billion as against PKR 7.4 billion in the said period of the previous year.
Moreover, Atlas Honda made Rs.572 million in the said quarter, down by a massive 51%. On the contrary, for the same period ending in December 2017, the company earned a profit of Rs.1.2 billion. As per an industry expert, the profit is down due to high production cost and drop in gross margin profits.
Additionally, Pakistan State Oil’s profit has also plunged by 50% to Rs.4.249 billion in the first half of the current fiscal year that ended on 31 December 2018. However, in the same period of the previous year, the company made Rs.8.522 billion.
That’s it from our side, drop your thoughts in the comments section below.