Indus Motors profit increase by 2 percent

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    Indus Motors profitThe maker of Toyota Corolla, Indus Motors Company revealed that Indus Motors profit of the second quarter ended December 31, 2016 shows increase of 2 percent – net profit of Rs. 3.02 billion, a notice was sent to the Pakistan Stock Exchange (PSX).

    Earnings per share (EPS) increased to Rs38.51 compared with Rs37.67 in the period under review.

    The company’s share price closed at Rs1,679.17, down 0.34% from its last day’s closing price as the KSE-100 index also declined to 49,007, down 54 points or 0.11%.

    Cumulatively, its net profit in the first six months of fiscal year 2016-17 touched Rs6.07 billion or an EPS of Rs77.28 compared with Rs5.89 billion or an EPS of Rs75 in the same period of the previous year.

    The company’s sales turnover contracted 3% year-on-year (YoY) in the outgoing quarter. However, reported revenues stood above expectations where higher-priced variants contributed more towards the sales mix, according to a Topline Securities report.

    The company sold a total of 14,121 units during the Oct-Dec period, down 10% YoY. Amid declining volumes, average revenue per car grew by 7% YoY due to increased sales of higher-priced variants of Corolla while the newly-launched ‘Hilux Revo’ further supported revenues.

    In the second quarter, distribution costs saw an increase of 61% YoY. On a sequential basis, net revenues remained flat.

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