Karachi, August 27: The Board of Directors of Indus Motor Company Ltd., met on August 27, 2013 to review the Company’s financial and operating performance for the year ended June 30, 2013.
FY13
was a difficult year for the company with operational challenges
stemming from the glut of used cars in the market, weak economy, energy
shortage and poor law and order situation in the country. On year to
date basis, sales of Toyota CKD and CBU decreased by 28% to 39,774 units
compared to 55,060 units sold during the same period last year.
Despite
the above uncertainties and the inability of the government to reach
closure on a long-term auto policy, the company for its part continued
to aggressively expand the marketing network and launched spruced up
variations in the existing line up and new product offerings such as
Toyota Fortuner to the customers.
Adverse
market conditions compelled the company to curtail production to 37,321
units, down 32% compared to 54,917 units produced during the same
period last year. IMC combined market share for locally manufactured
vehicles for FY13 stood at 28%.
The
sales revenue for the year ended June 2013 was Rs 63.8 billion, down
17% compared to Rs 77 billion posted for the same period last year.
Continuous efforts at improving operational efficiencies focus on Kaizen
to improve processes and cost cutting initiatives enabled the Company
to achieve profit after tax of Rs 3.3 billion as compared to Rs. 4.3
billion posted for the same period last year. Earnings per share
decreased to Rs 42.72, as compared to Rs 54.7 in the previous year.
The
Board of Directors appreciated the Company’s performance and declared a
final cash dividend of Rs 15 per share, making for a total of Rs 25 per
share during the year.
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