Honda Atlas profit falls 41pc

KARACHI: Honda Atlas Cars (Pakistan) Ltd on Thursday announced a decline of 40.68 percent in profits for the quarter ended December 31 because of an increase in the cost of sales.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs445.94 million during the quarter ended December 31 against Rs751.80 million reported during the same period last year. The company did not announce any dividend for this period.

Earnings per share came in at Rs3.12, compared with EPS of Rs5.26 during the same period last year.

The company said its sales for the quarter increased to Rs29.53 billion, compared with Rs17.64 billion a year earlier. However, the cost of sales was recorded at Rs28.73 billion from Rs16.49 billion last year, which reduced the profits. Gross profit during the quarter was Rs801.13 million, down against Rs1.15 billion during the same period last year.

For the nine-month period ended December 31, the company announced an EPS of Rs16.20, up against EPS of Rs6.29 announced for the same period last year. Total profit for the nine-month was recorded at Rs2.31 billion against Rs897.65 million. Sales for this period were recorded at Rs77.27 billion up from Rs44.58 billion.

A report of Arif Habib Ltd, a brokerage house, said the top line of the company increased by 73 percent year-on-year during 9MMY22 due to higher vehicle prices and an increase in sales volumes by 70 percent YoY to 27,141 units compared to 15,995 units in 9MMY21.