KARACHI: The profit after tax of Indus Motor Company (IMC) rose 3.3 per cent year-on-year to Rs6.1 billion in the six-month period ending on December 31, 2016 due to improved production, procurement, distribution and administrative processes.

The company’s board of directors declared an interim dividend of Rs25 per share for the half year in addition to the first interim dividend of Rs25 per share, a press statement said on Friday.

IMC CEO Ali Asghar Jamali said sales of imported and locally manufactured Toyota vehicles stood at 28,833 units, down 7pc from the number of units sold during the same period last year.

Various factors, such as plant maintenance and up-grade, prelaunch production-related activities for the new Hilux and transport disruptions, limited the company’s ability to meet demand, he said.

To offset the production loss, the company continued to operate its manufacturing facility at full capacity. The total local production stood at 28,996 units, down 5pc from a year ago.

PNSC: Pakistan National Shipping Corporation logged in consolidated profits after tax, amounting to Rs1.03 billion for the six months ending Dec 31 2016, up 27 per cent over profit after tax (PAT) at Rs810 million earned in the same period of the previous year. Earnings per share (eps) rose from Rs6.14 to Rs7.80.

Revenue slipped 5.6pc from Rs6.86bn year-on-year (YoY) to Rs6.47bn. But due to sizeable decline in expenditure by 8.9pc from Rs5.05bn to Rs4.64bn, gross profit improved to Rs1.87bn from Rs 1.80bn YoY.

National Foods: The profit after tax of National Foods Ltd slipped 8.5pc to Rs484m for half year ended Dec 31 2016, from PAT at Rs529m YoY.

Sales grew 7.1pc from Rs6.56bn to Rs7.03bn. Cost of sales also increased to Rs4.60bn, from Rs4.30bn, which left gross profit at Rs2.42bn, against Rs2.26bn YoY.

In “other comprehensive income” items, the company posted ‘Exchange differences on translation of foreign operations’ at Rs0.06m, down from Rs2.0bn in the previous similar period, which added to the consolidated earnings produced. ‘Total comprehensive income’ PAT at Rs484m and eps at Rs4.67, down 9.9pc from PAT Rs531m and eps at Rs5.10 YoY.

Published in Dawn, February 25th, 2017