KARACHI - The Indus Motor Company Limited posted a profit after tax of Rs1.366 billion during the first six months (Jul-Dec) of current financial year 2009-10, compared with Rs163 million in the same period last year. Despite the challenges, the Companys sales revenue for the first half year ended December 31, 2009 increased to Rs 24,079 million, up by 67% as compared to Rs 14,438 million posted in 2008. This is mainly attributable to higher sales volume in this period. The Board of Directors of Indus Motor Company Ltd., met on February 23, 2010 to review the Companys financial and operating performance for the half year ended December 31, 2009. The Board of Directors declared an interim dividend of Rs 5 per share (50% per share) for the Jul-December 2009. According to IMC, the combined sale of Toyota and Daihatsu brands (CKD and CBU) for the first half ended December 2009 grew by 53% to 21,300 units as compared to 13,927 units sold for the same period last year. This is due to the full impact of new Corolla as opposed to last year when the previous model was phased out. On full calendar basis 2009 (Jan-Dec), the Company achieved a new record in Corolla sale of 36,000 units which is also the highest in Toyotas Asian market outside Japan. IMC further said that the operating environment for six months ended December 2009 remained challenging for the local auto industry. Overall nationwide sale of the locally assembled Passenger Cars (PC) and Light Commercial Vehicles (LCV) grew 16% to 61,515 units, compared to 53,052 units sold for the same period last year. During the period, the market showed strong preference for 1300cc and above segment which recorded 63% increase, mainly attributed to the presence of Corolla as against its partial presence last year due to the run out of the previous model. The improvement in the economic situation on the back of IMF support, healthy farm income and the governments decision to remove 5% Federal Excise Duty on cars above 850cc gave partial relief and contributed to the industry growth. About the near term business outlook, the Company said with Pakistans macro economic indices showing some signs of modest recovery the Company expects the second half of FY09-10 to be better for the auto industry. However, in near term the Company earnings will remain under pressure owing to deteriorating security situation and the effects of exchange rate due to the weakness of the Pak rupee.