Honda Cars’ profits up 40pc

KARACHI: Honda Atlas Cars (Pakistan) Ltd, one of the top auto manufacturers in Pakistan, on Wednesday reported a 40 per cent increase in its first-quarter net profit, owing to an increase in the sales.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs202.625 million for the quarter that ended June 30, up 40 per cent from Rs144.957 million during the same quarter the previous year.

The company skipped any payout for this period. Earnings per share came in at Rs1.42, compared with EPS of Rs1.02 last year.The company said its sales for the quarter rose to Rs15.97 billion, compared with Rs3.77 billion a year earlier.

The company said its cost of sales remained higher at 14.958 billion from Rs3.919 billion during the same period last year. The company said its other income for the period dropped to Rs343.769 million, compared with Rs902.686 million the previous year.