IMC earnings fall 75pc

Indus Motor Company Ltd posted a net profit of Rs1.3 billion in October-December, down 74.9 per cent from a year ago. The result was below market expectations, according to Alfalah CLSA Securities Ltd. The company posted a gross loss of Rs491 million for the quarter because of an elevated cost of goods sold. “The auto sector has been facing headwinds due to the non-availability of raw materials amidst non-opening of the letters of credit,” the brokerage said in its comment. The company announced an interim dividend of Rs10.20 per share, taking the half-year dividend to Rs18.40 per share.