Profit at Indus Motor drops by 75%
The automaker Indus Motor reported a profit after tax of only Rs1.3 billion, a pitifully low amount compared to Rs5.4 billion in the equivalent quarter of 2021)
Net sales for INDU declined to Rs37.2 billion during the first quarter of FY23.
The higher car prices resulted lower production due to lower demand.
The business has nevertheless declared an interim cash dividend of Rs. 8.2 per share.
Significant fall in earnings, mostly due to the sudden depreciation of the Pakistani rupee versus the US dollar and the prohibition on importing fully constructed units.
During the first quarter of FY23, The Indus Motor's revenues fell 43% year over year and 48% quarter over quarter.