October 24, 2018 (MLN): Atlas Battery Limited (ATBA) has reported losses of Rs. 230 million for the quarter ended 30th September 2018, as compared to the corresponding period last year, mainly by virtue of a decline in top-line earnings by a considerable margin.
As per the notification issued to PSX, the revenue for the company plummeted by 35.54% i.e. Rs. 1.6 billion, whereas the Cost of sales decreased by 27.19%. The combined effect of these variations caused the gross profit to fall by 92.46%.
Even though the Distribution costs fell remarkably by 17.32%, whereas the Non-core expenses reported a decline of 93.59%, the ultimate impact on the financial results was still disastrous.
The losses for the company were further fueled by an increase in Finance cost by 172.16% i.e. Rs. 30 million.
Moreover, the plunge in income taxes by 70.4% utterly failed to pull the company out of a catastrophic state.
The Earnings per share of the company reported negative earnings of Rs. 9.45 for the quarter ended 30th September 2018.
Profit and loss account for the quarter ended September 30th 2018 (Rupees’000)
