KARACHI: Indus Motors Company (IMC)) has posted a record profit after tax of Rs 4.302 billion during the year ending June 30, 2012 and declared a final cash dividend of Rs 24 per share.

According to the results despatched to Karachi Stock Exchange (KSE) here Thursday, pre-tax profit of the company has surged to Rs 6.312 billion against Rs 4.011 billion in 2011.

Similarly, as earning per share also improved to Rs 54.74 compared to Rs 34.90 last year.

Company's sal ...

ISLAMABAD - The Islamabad Traffic Police (ITP) has constituted special teams with more than 100 cops to be deputed at busy shopping centres who would perform duties during the last ten days of Ramadan to ensure smooth traffic flow for Eid shoppers. Senior Superintendent of Police (Traffic) Dr. Moeen Masood has given the approval of plan devised to control traffic at busy shopping centers as well as markets during the last ten days of Ramadan. One ASP and three DSPs, 10 inspe ...

BRASILIA - Top Japanese automaker Toyota plans to invest $495 million dollars to build an engine plant in Brazil, the company’s president said Wednesday after meeting Brazilian President Dilma Rousseff. Akio Toyoda made the announcement a day before he was to attend the inauguration of Toyota’s third factory in Brazil, in Sorocaba, located 91 kilometers (56 miles) from Sao Paulo in the country’s southeast. The engine factory, to be located in Porto Feliz &mda ...

TOKYO - Japanese automaker Mitsubishi Motors said Wednesday that it has “temporarily” halted shipments of its i-MiEV electric car to PSA Peugeot Citroen. The firm said it would stop deliveries of the vehicles, branded iOn Peugeot and Citrokn C-Zero in Europe, that began after the two firms signed a supply deal two years ago. “This is a temporary stoppage for adjusting stocks (of inventory),” a Mitsubishi spokesman in Tokyo told AFP, declining to elabora ...

LAHORE, Aug 8: Inordinate delay in issuing the computerised number plates — retro-reflective registration plates — to a large number of motorists has exposed the scale of mismanagement on the part of the Punjab Excise and Taxation Department authorities, it is learnt.

The plates were to be issued under a project Motor Transport Management Information System (MTMIS) kicked off initially in 2003 which later was introduced with some modifications as Central Facility (CF ...

KARACHI: Record low sales have compelled Indus Motor Company (IMC) to keep its production plant shut for six days in August, according to an official.

IMC wants to boost its sales that were at a historical low in July. IMC officials say the slow sales are directly attributed to the low economic activities in Ramazan and huge influx of imported used cars in local market.

IMC officials believe that buyers are holding back money, which has resulted in subdued demand of ...

HE HAGUE: Dutch car maker Spyker said Monday it has filed a three-billion-dollar claim in a US court against General Motors, whose actions it said lead directly to Swedish Saab's bankruptcy last year.

"The lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Saab's owner Spyker said in a statement issued in Zeewolde in the Netherlands.

BERLIN: Former Porsche SE chief executive Wendelin Wiedeking could have to wait for three months before he finds out whether German prosecutors charge him and his former finance chief with market manipulation of Volkswagen shares.

A spokesman for prosecutors in Stuttgart, where Porsche is based, said on Monday a police-led probe into the affair has now been concluded, confirming a report by German magazine Der Spiegel.

Lawyers of the two former executives have until the e ...

FRANKFURT: Daimler's luxury car brand Mercedes-Benz suffered its first monthly drop in volumes this year, suggesting a broader economic slowdown in major markets like China and Germany is starting to impact demand for premium cars.

Sales of Mercedes-Benz cars fell 3.1 percent to 97,327 vehicles in July, as demand in China slid by nearly one percent.

Even in Germany, western Europe's largest, most lucrative car market and long a pillar of stability, sales fell by over 11 p ...

SAO PAULO: American carmaker General Motors and union representatives in Brazil reached a deal late Saturday to delay at least until November 1,840 possible job cuts at a plant in Sao Paulo state, the union said.

"We reached a deal to delay the dismissal of 1,840 workers that was supposed to take place roughly aruond this date," a union envoy told AFP after more than nine hours of talks among union representatives, GM staff and government officials.

In addition ...