against Rs 3.9 billion profit posted for last fiscal year.
The Board of Directors of Indus Motor Company Ltd, met on Friday to review the company’s financial and operating performance for the year ended June 30, said a statement.
The improving economic environment, driven by the government efforts provided much needed boost to the entire industry, enabling the company to post record gross sales revenue of Rs 116 billion, up 70 percent compared to Rs 69 billion for the same period last year.
The surge in the after tax profitability is mainly attributed to increased sales volume of additional 22,917 units, improvement in margins after years of erosion and Kaizen initiatives aimed at improving operational efficiency, work processes, strategic sourcing of supplies and cost reduction in general.
The combined sales of Toyota CKD and CBU vehicles set a new annual record of 57,387 units for the company. The record sales volume achieved during the year resulted in a 32 percent market share for FY 2014-15.
Benefiting from strong demand generated by the new 11th generation Toyota Corolla launched in July 2014, the company outperformed and stayed well ahead of competition throughout the year, clocking in 51,398 units.
The combined sales of Hilux Light Commercial Vehicle grew seven percent, to 4,823 units compared to 4,520 units sold during the same period last year.
In order to fulfil market demand and reduce delivery time cycle, the company operated its manufacturing facilities at full capacity throughout the year undertaking overtime and working off Saturdays to minimize the impact of time lag on customers.
This enabled the company to achieve a new annual production record of 56,888 units during the FY 2014-15.
The company achieved a return on equity of 38 percent for the FY 2014-15. Based on the results, the BoDs announced a final dividend of Rs 40 per share, making the total payout of Rs 80 per share. Last year, Rs 29.50 per share was paid to the shareholders.
In the 25 years since the incorporation, IMC’s contribution to the national exchequer stands around Rs 250 billion.
Syed Khurram Mohiuddin auto analyst at Taurus Research said that on a sequential basis, net earnings declined by 18 percent quarter on quarter, on the back of two percent lower sales of corolla, 60bps reduction in gross margins and imposition of super tax.
Bank of Punjab earns profit of Rs1.423 billion
The Bank of Punjab has posted a net profit of Rs1.423 billion for the quarter ended June 30, 2015, up 54 percent as compared to Rs921.234 million last year.
The earnings per share (EPS) clocked in at 92 paisas in the quarter under review as compared to 70 paisas a year ago.
The bank did not announce any payouts along with the June earnings.
The jump in earnings can be attributed to capital gains of Rs1.736 billion during the quarter ended June 30, 2015, pushing the bank’s non-interest income to Rs2.426 billion, which is more than four times higher than Rs450.666 million last year.
The net interest income stood at Rs1.573 billion as compared to Rs2.555 billion last year. For the half-year ended June 30, 2015, the Bank of Punjab posted a net profit of Rs2.733 billion, translating into EPS of Rs1.76.