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Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

KARACHI: Indus Motor Company (IMC) has earned a net profit of Rs1.1 billion during first quarter of current fiscal year, showing a growth of 28 per cent from Rs0.9 billion it recorded during the same period last year.

The company’s sales revenue from Completely Knocked Down (CKD), Completely Built Units (CBU) and spare parts business has increased by 21 per cent to Rs17.3 billion as compared to Rs14.3 billion it achieved for the corresponding period in 2013-14.

The combined sale of Toyota and Daihatsu brand CKD and CBU products grew 17 per cent to 9,975 units as compared to 8,537 units sold during the corresponding period in FY14.

The company’s production of Passenger Cars (PCs) and Light Commercial Vehicles (LCVs) for the quarter was up 22 per cent to 9,998 units compared to 8,173 units produced in the same period last year. The reversal of 10 per cent Federal Excise Duty (FED) on the Fortuner SUV imposed in 2013 also contributed to the volume increase and helped increase the company’s combined market share from 26 per cent to 31 per cent.

Meanwhile, Pakistan Petroleum Limited (PPL) has announced a net profit of Rs13.6 billion it earned during July-September of current fiscal year, showing 10 per cent growth.

On a year-on-year (YoY) basis, the production of PPL up by 23 per cent to 13.1 million barrels, while revenue increased by 12 per cent to Rs30.9 billion in first quarter of fiscal year 2014-15 as compared to Rs27.7 billion it witnessed during the same period last year. The company had distributed a 125 per cent cash dividend to its shareholders.

The field expenditure of the PPL declined 8 per cent on a quarter-on-quarter (QoQ) basis to Rs8.7 billion in the first quarter of the current fiscal due to lower exploration expenditure. The YoY increase in field expenditures rose 29 per cent to Rs8.7 billion due to higher amortisation and decommissioning costs.

Other income increased 44 per cent QoQ (5 per cent YoY) to Rs2.28 billion in 1QFY15. The analyst gave exchange gains as reason for the QoQ rise in other income, while YoY increase was owed to higher interest payments on circular debt.