KARACHI: Indus Motor Company Limited (IMC) held its board of directors (BOD) meeting to review company’s financial and operating performance, on 24 February 2017. According to sources, various gains due to improvements in production, procurement, distribution and administrative processes resulted in a marginal increase in the profit after tax by 3.3 percent to Rs 6.1 billion, against Rs 5.9 billion achieved for the half year ended December, 2015. Based on the financial performance, the BOD declared an interim dividend of Rs 25 per share (250 percent) for the half year ended December 31, 2016, in addition to the first interim dividend paid at Rs 25 per share. The newly appointed IMC Chief Executive Officer Ali Asghar Jamali explained that although demand for Toyota vehicles remained robust during the period, the sales of Toyota vehicles both locally manufactured and imported stood at 28,833 units, down seven percent from the 30,896 units sold during the same period last year. Various factors including plant maintenance and upgradation, pre-launch production related activities for the new Hilux and transport disruptions limited the company’s ability to meet the demand. IMC continued to operate its manufacturing facility at full capacity, working daily overtime hours and off Saturdays, to offset the loss in production. The total production at IMC stood at 28,996 units, down 5% from 30,474 units produced in the corresponding period last year. BOD stressed on the need to revisit the valuation of used vehicles and auto parts by the government, as the concessionary duties and valuations put the local industry at disadvantage. The board also supported the request made by certain existing automakers to the government for facilitation of their future expansion and investment projects, citing investments as being beneficial to the country, either by a new entrant or an existing player.