Atlas Honda’s half-year profit declines

KARACHI: Profit of Atlas Honda declined 15.47 percent to Rs1.941 billion for the half-year ended September 30, 2018, translating into earnings per share (EPS) of Rs18.77, a bourse filing said on Wednesday.

The company earned Rs2.241 billion in profit with an EPS of Rs21.68 in the corresponding period a year earlier, a notice to the Pakistan Stock Exchange (PSX) said.

Atlas Honda also announced an interim cash dividend of Rs10/share or 100 percent, according to the PSX notice.

Quarterly profit for fiscal year 2019 declined 52.8 percent to Rs746.857 million from Rs1.141 billion posted in the corresponding quarter last fiscal. The EPS for the quarter clocked in at Rs7.22, compared to Rs11.04 posted in the same period last year.

Atlas Honda sales in the first quarter of the current fiscal year 2019 went up by seven percent year on year, whereas on sequential basis, unit sales increased by 14 percent month on month. The company witnessed significant increase in volumes as unit sales rose by 32 percent year on year due to low base effect, compared to September 2017.