Indus Motor posts Q1 profits up 58pc

KARACHI: Indus Motor Company Limited, one of the top auto manufacturers in Pakistan, on Monday reported a 58 per cent increase in its first-quarter net profit, owing to an increase in sales.

In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs5.09 billion for the quarter ended September 30, up from Rs3.21 billion the same quarter last year.

The company also announced the first interim cash dividend of Rs39 a share. Earnings per share came in at Rs64.77, compared with Rs49.91 last year.The company said its revenue for the year increased to Rs41.6 billion, compared with Rs32.67 billion during the same period a year earlier. The cost of sales remained at Rs36.02 billion from Rs29.37 billion.

The company said its other income for the period increased to Rs4.456 billion, compared with Rs2.821 billion during the same quarter the previous year.In a separate statement to the PSX, Indus Motor announced a plant closure for three days from October 29 to October 31 due to supply chain challenges.

“The company is currently experiencing low levels of raw material and component inventory and is facing ongoing supply chain challenges. This has resulted in a shortage of parts and components necessary for vehicle production. As a result, the company is unable to meet its production requirements,” said the statement.