KARACHI (PR): The Indus Motor Company Limited (IMC) has reported a profit after tax of Rs 3.87 billion for the fiscal year 2013-14, up 15pc over the corresponding period last year. The sales revenue was Rs 57 billion, down 11pc compared to Rs 64 billion achieved in 2012-13.

The announcement was made at the recent Board of Directors meeting. Commenting on the industry Performance, the CEO of IMC Parvez Ghias said that during the fiscal year 2013 14, the industry was marred by various factors such as sluggish economic growth and the inventory overhang of used cars. The Government’s decision to restrict the age limit of imported used vehicles to 3 years lent some respite to the auto industry however, despite the restriction, over 30,000 used vehicles still entered the market during the year as traders took advantage of the 50% duty and sales tax concession provided for hybrid vehicles and targeted hybrid imports.