Toyota Indus Motor Profits Rise by an Impressive 40pc
- Toyota Indus Motor had a stellar year with a 40pc increase in profits after tax during the third quarter of the current financial year.
- Company’s revenue increased by 65% from a surge in car prices and sales this year.
The Profit After Tax (PAT) of Toyota Indus Motor Company increased by around 40 percent in the third quarter of 2020 as compared to the same period last year.
The PAT for Toyota Indus Motor Company Limited was recorded around Rs.1.845 billion in the quarter ending on 30th September 2020. The results translate into earnings per share (EPS) of Rs.23.48 as compared to EPS of Rs.16.78 in the same period last year.
The rise in profits comes from an increase in the revenue from contracts with customers which rose to Rs.34.194 billion in the three months ended on September 30, 2020, as compared to Rs.20.716 billion in the same quarter last year. The company also witnessed an increase in other income which was valued at Rs.1.088 billion for the third quarter of 2020.
This 65% increase in Indus Motor Company’s revenue during the pandemic can be attributed to the surge in Toyota car prices and sales this year. Monthly passenger car sales data by the Pakistan Automotive Manufacturers Association (PAMA) show that Toyota Yaris had the highest number of sales in the 1300cc and above cars category in September, 2020.
However, the cost of sales have also increased by almost 71 percent to Rs.31.906 billions during the quarter ending on 30th September from Rs.18.707 billion in the same quarter last year.
Moreover, distribution, administrative and other operating expenses have also declined by 28.7 percent in total. However, the expenses allocated for the worker’s profit participation fund and worker’s welfare fund have increased Rs142.112 in the third quarter of 2020 as compared to the same quarter in 2019.
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