KARACHI - The Board of Directors of Indus Motor Company Ltd met on Tuesday to review the companys financial and operating performance for the year ended June 30, 2009.
The combined sales and production of Indus Motors Toyota and Daihatsu brands for the year ended June 30, 2009 were 35,276 units and 34,298 units respectively compared to last years figures of 50,802 units and 48,222 units respectively.
Despite a difficult operating environment, the company performed impressively and was able to increase its market share from 25 per cent to 32 per cent.
The companys sales revenue decreased by 9 per cent to Rs 37.
9b from over Rs 41.
4b; with pre tax profit of Rs 2 billion, as compared to Rs 3.
5 billion achieved during the year ended June 30, 2008.
Earnings per share decreased to Rs 17.
62, as compared to Rs.
15 in the previous year.
Nationwide sales of locally assembled passenger cars and light commercial vehicles (LCVs), which had earlier between 2001/07 posted sustained annualised growth of 28 percent, plunged by a record 47 percent to 99,307 units compared to 187,412 units sold in 2007-08.
Production in the industry also declined to 101,398 units for the period ended June 30, 08; down 54 percent over 187,644 units last year.
The year was particularly challenging with deteriorating political and security situation in the country with slowdown amidst ongoing global financial crises and turbulent economic environment resulting from tight monetary policy, high interest rates, limited credit availability for auto financing, depreciation of the Pak rupee against major currencies, high inflation and unprecedented rise in prices of oil, steel and other inputs in the first half of 2008-09 negatively impacted the demand.
The Board of Directors announced a final cash dividend of Rs 10/share, which is also the total payment for the year as no interim dividend was announced.
The total dividend paid for last year was Rs 10.