Indus Motor Company (IMC), the maker of Toyota Corolla cars in Pakistan, reported a 148 percent rise in quarterly profit on Friday, as it benefited from cost reduction efforts, kaizen initiatives and old inventory sold at favorable exchange rate.

The company posted a net profit of Rs3.216 billion for the quarter ended Sept. 30, compared with Rs1.297 billion a year earlier. Net sales turnover fell 12.3 percent to Rs32.671 billion, as the company sold 4,583 vehicles in the quarter, down 49 percent from the same period last year, due to low demand and supply chain challenges.The company’s market share in the overall market stood at approximately 22 percent with respect to Pakistan Automotive Manufacturers Association (PAMA) players for the first three months period.The company’s earnings per share (EPS) for the quarter was Rs40.91, compared with Rs16.50 a year ago. The board of directors declared a first interim cash dividend of Rs24.50 per share for the quarter.”The new fiscal year has kicked off on a bleak note, nevertheless, we remain resolute in our commitment to our stakeholders,” said Ali Asghar Jamali, the company’s chief executive.He urged the government to provide a level playing field to local automotive manufacturers against used car imports, and promote hybrid electric vehicles (HEV) to reduce fuel consumption and curb the import bill of Pakistan.

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