KARACHI - Indus Motor Company Limited (IMC), manufacturer and distributor of Toyota vehicles in Pakistan, has posted a 50pc growth in sales revenue in the half year ending December 2014.

Posted sales revenues of Rs 39.1 billion compared to Rs 26.1 billion for the same period last year. The profit after tax for the period is Rs 3.1 billion as compared to Rs 1.4 billion achieved same period last year.

Board of Directors declared an interim dividend of Rs 20 per share for the half year ended December 31, 2014 compared to an amount of Rs 6 per share for half year ended December 31, 2013.

IMC’s Half Yearly Board meeting was attended by the board of directors, including the newly appointed Independent Director Azam Faruque, who was appointed earlier in compliance with the Code of Corporate Governance 2012.

In order to fulfil the growing market demand and reduce delivery time cycle, the Company operated its manufacturing facilities at full capacity to achieve production of 23,221 units, which is up 56pc over 14,854 units produced during six month to December 2013.

During the first half of fiscal year 2014-15, IMC’s sales increased by 50pc to 23,081 units against 15,400 units sold last year for the same period. The all new 11th Generation Corolla, launched in July, made a powerful impact on the market and the response was overwhelming, generating sales of 20,729 units, up 61pc over the same period last year. The new Corolla also features new, additionally localised parts.

The GOP budget announcement to remove the punitive 10pc FED on vehicles above 1800cc also provided respite to the Toyota Fortuner SUV’s volumes, and they grew by 59pc to 361 units for the fiscal year 2014-15.