LAHORE - The Indus Motor Company Limited has announced that company’s new locally assembled SUV Toyota Fortuner is expected to be launched in the first week of March 2013. As per the management, the new SUV price would be around Rs 5.2 million. The company held its briefing to discuss its 1HFY13 result. The company posted PAT of Rs978 million in 1HFY13, massively down 47 per cent YoY, when compared with same period last year.

The company management continued to pose influx of imported car as a threat. In this regard, as of Dec 2012, approximately 80k units of cars were imported in 1HFY13. Given that, and along with the current inventory situation of used cars (approx 20-25k), the magnified impact of the ECC’s decision (reduction in the age limit to 3 years) would be evident in FY14, a report issued by the AHL observed on Wednesday.

The company has also planned expenditure of Rs6b in FY13-FY14 with the yearly ratio of 30pc -70 pc, respectively.

 The planned capital expenditure is mainly on account of Toyota Corolla’s new model launch.

According to experts, the company’s other income declined significantly by 48 per cent YoY. This decline was mainly due to lower interest income on cash deposits, along with the lower advances from customers due to depressed sales by the company during 1HFY13.