KARACHI – Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has announced that its production operations will be temporarily suspended till October 31 due to parts shortage.
The company has informed the Pakistan Stock Exchange (PSX) about the development, stating that the shortage of raw material and components are creating hurdles in production of units amid supply chain challenges
Despite failing to meet the production requirements, the company has witnessed significant gains in first quarter as it recorded a profit of Rs5.09 billion as compared to previous year’s Rs3.22 billion.
The Indus Motors also announced first interim cash dividend of Rs39 per share, reflecting a 390% payout for the first quarter of running fiscal year.
The company’s total revenue surged by 27.3% to Rs41.6 billion, up from Rs32.67 billion in previous year.
On the expense side, administrative expenses increased by 9.2% to Rs584.79 million, while selling and distribution expenses moved up by 72.9% to Rs662.52 million, and other operating expenses jumped 83.9% to Rs451.28 million.
Furthermore, the company deposited a higher tax of Rs3.18 billion, an 86.2% up as compared to Rs1.71 billion in the same period last year.
