KARACHI, Feb 26: Sales of Toyota brand (CKD and CBU) vehicles plunged by 38 per cent to 14,994 units in first half of 2012-2013 as compared to 24,341 units in the same period last year.

The presence of used cars hit the sales of Indus Motor Company (IMC) besides causing plunge in company’s market share to 25 per cent from 30 per cent in the same period.

The IMC’s net sales revenue for first half year ended December 2012 fell by 26 per cent to Rs24 billion as compared to Rs33 billion for the same period last year. Meanwhile profit after tax amounted to Rs0.98 billion versus Rs1.77 billion for the same period last year.

The Board of Directors of IMC announced the company’s financial and operating performance for the year ended December 31, 2012.

Based on the above performance, IMC’s Board of Directors declared an interim dividend of Rs six per share for the half year ended December 2012 compared to Rs eight per share for same period last year.

The IMC observed 53 non production days due to sluggish market demand. However, the company did not allow any worker lay off.