Honda Atlas’ annual profit falls 41pc

KARACHI: Honda Atlas Cars Pakistan Limited profit decreased 41 percent to Rs3.851 billion for the year ended March 31, 2019, translating into earnings per share (EPS) of Rs26.97, a bourse filing said on Monday.

Honda Atlas earned Rs6.494 billion with EPS of Rs45.48 in the previous financial year. The company announced final cash dividend of Rs12.15/share for the year ended March 31, according to a filing with the stock exchange.

The company’s sales increased to Rs95.1 billion in FY2019 compared to Rs91.5 billion in FY2018.

Brokerage BMA Capital said gross profits dropped 30 percent to Rs7.3 billion, while there was a 30 percent drop in other income due to depleting cash balance in the wake of higher working capital requirements. “That took overall profitability down 41 percent to Rs 3.9 billion,” BMA Capital added.

Finance cost fell to Rs11.1 million from Rs14.4 million, while taxation declined to Rs1.7 billion from Rs2.9 billion.