LAHORE : The quarterly board meeting of Indus Motor Company Ltd. (IMC) for the first quarter of FY18-19 was held on Friday. The CKD and CBU sales of IMC for the quarter ended September 30, 2018 were 15,560 units, up by 1.3% compared to 15,354 units for the same period last year. The company’s sales turnover increased to Rs 34.9 billion, up 12% over Rs. 31.2 billion in the last quarter. The increase in revenue represents change in sales mix and slightly improved volumes compared to the same period last year. The profit after tax in the first quarter of FY18-19 was Rs 3.5 billion, down by 3.3% from Rs 3.6 billion achieved during the same quarter last year. Earnings per share decreased by 3.3% to Rs 44.63, as compared to Rs. 46.17 in the same quarter last year. The profit has declined mainly due to increase in cost of inputs on account of rupee devaluation against all major currencies. IMC CEO, Ali Asghar Jamali, said, “We are committed to the Pakistani market and to our loyal customers who have shown great trust in our products year on year.”

The market has witnessed a slowdown on the back of rising interest rates and the restriction on non-filers from buying vehicles among other factors such as Eid holidays and consumer expectations of new models and variants.