Indus Motor Company announces dividend of Rs. 10 per share

Karachi: Indus Motor Company Ltd. Thursday announced cash dividend of Rs 10 per share for year ended June 30, 2011 after audited accounts were approved in 22nd Annual General Meeting.

An IMC press release said interim dividend of Rs 5 per share was given earlier making total dividend paid during FY2010-11 Rs 15 per share. IMC Chairman Ali S. Habib said amid economic, political challenges, business environment for automakers, parts supplier remained uncertain as industry continuously appealed for logical reasoning by decision makers keeping in view national interest. Demand was negatively impacted due to rising interest rates, limited credit availability for auto financing, depreciation of Pak Rupee against major currencies, rise in prices of oil, steel, other inputs cost that severely impacted gross margins.

Sales and production of IMC Toyota & Daihatsu brands for year ended June 30, 2011 were 50943 units & 50759 units respectively compared to last year’s 52063 & 50557 units respectively.

Sales revenue rose to Rs 617 billion, up 2.6% over Rs 60.1 billion, with after tax profit of Rs 2.7 billion, as compared to Rs 3.4 billion achieved in year ended June 30, 2010. Earnings per share decreased to Rs 34.9 as compared to Rs 43.8 in previous year.

Ali Habib announced discontinuation of Daihatsu Coure from its product line in following months and said discussions are underway for new product.

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