KARACHI: The Board of Directors of Indus Motor Company Limited has announced financial results for the year ended 30 June 2008, following a meeting of the Board of review the Company's financial and operating performance for the year. The Company has announced positive results for year, sustaining growth despite a volatile local market and decreasing demand resulting from macroeconomic factors.
According to a press release, Sales and production of Indus Motor's Toyota and Daihatsu brands for the year ended June 30, 2008 were 50,802 units and 48,222 units respectively which is a new record compared to last year's figures of 50,557 units and 47,821 units respectively. The Company's sales revenue increased to Rs 41 billion, up 60% over Rs. 39 billion; with the after tax profit of Rs 2.3 billion, as compared to Rs. 2.7 billion achieved during the year ended June 30, 2007. Earnings per share decreased to Rs. 29.15, as compared to Rs. 34,93 in the previous year. IMC's Board of Directors have expressed appreciation of the Company's performance and declared a final cash dividend of Rs 6.5 per share, making for a total distribution of Rs 10.5 per share for FY 07-08. The total dividend paid for the same period last year was Rs 13 per share.
Growth in IMC's market share has been achieved at a point when sales of locally assembled passenger cars and light commercial vehicles (LCV) have declined by 8% to 187,412 units from 204,212 units sold in 2006-07, having previously recorded sustained growth over five years. Production within the industry has also declined to 187,644 units for the period ended 30 June 2008, down 5.7% over the 198,986 units produced last year. staff report