Honda Atlas annual profit rises

KARACHI: Profit of Honda Atlas Cars (Pakistan) Ltd rose around six percent to Rs6.494 billion for the year ended March 31, translating into earnings per share (EPS) of Rs45.48, a bourse filing said on Tuesday.

Motorcycle marker earned Rs6.135 billion in the previous financial year with EPS of Rs42.96, a notice to Pakistan Stock Exchange said. The company announced cash dividend of Rs22.75.

Annual sales of Honda Atlas increased 45 percent to Rs91.523 billion.

Brokerage Taurus Securities said sales revenue increased after the introduction of BR-V and an increase in average selling prices. Gross margin, however, fell 3.11 percentage points on a 30 percent increase in steel prices and nine percent rupee depreciation against Thai Baht.

Topline Securities flagged unfavourable movement in exchange rate and commodity prices, lower than expected car sales and higher than expected rise in interest rates as key risks for the motorcycle manufacturer.