Atlas Battery lands into a catastrophic state with losses mounting Rs230 million

By MG News | October 24, 2018 at 01:58 PM GMT+05:00

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October 24, 2018 (MLN): Atlas Battery Limited (ATBA) has reported losses of Rs. 230 million for the quarter ended 30^th 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 30^th September 2018.

Profit and loss account for the quarter ended September 30th 2018 (Rupees’000)
	Sep-18	Sep-17	% Change
Sales	2,983,097	4,628,040	-35.54%
Cost of sales	-2,938,439	-4,035,807	-27.19%
Gross profit	44,658	592,233	-92.46%
Distribution cost	-146,946	-177,736	-17.32%
Administrative expenses	-63,559	-62,711	1.35%
Other income	14,911	51,621	-71.11%
Other expenses	-6,568	-102,460	-93.59%
(Loss) / profit from operations	-157,504	300,947
Finance cost	-48,159	-17,695	172.16%
(Loss) / profit before taxation	-205,663	283,252
Taxation	-24,620	-83,165	-70.40%
(Loss) / profit after taxation	-230,283	200,087
Basic and diluted earnings per share	-9.45	8.21

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