Atlas Honda reports Rs1.62bn profits in 1QMY24

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MG News | July 26, 2023 at 02:19 PM GMT+05:00

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July 26, 2023 (MLN): Atlas Honda Limited (PSX: ATLH) on Wednesday revealed its financial results for the quarter that ended on June 30, 2023, as per which, the company posted a profit worth Rs1.6 billion [EPS: Rs12.91] during the quarter against the profit of Rs1.5bn [EPS: Rs12.11] in the corresponding period.

According to the financial report released today, the topline of the company inched down by 5.5% YoY to Rs35.62bn in 1QMY24 as compared to Rs131.93bn in the same period of the last year.

On the expense side, the company witnessed a meager growth of 7.4% YoY in sales and marketing expenses which stood at around Rs690 million. Meanwhile, the administrative expenses increased by 9.5% YoY in 1QMY24.

Meanwhile, other operating expenses surged by 14.5% YoY and stood at Rs206.5mn for the year in comparison to just Rs180.32mn last year.

The company paid Rs1.16bn in terms of tax expenses during the year, which was 37.3% YoY higher than the taxes paid last year.

Profit and Loss Account for the quarter ended June 30, 2023 ('000 Rupees)
  Jun-23 Jun-22 % Change
Sales 35,621,093 37,685,080 -5.5%
Cost of Sales (33,743,047) (35,061,856) -3.8%
Gross Profit 1,878,046 2,623,224 -28.4%
Sales and Marketing Expenses (689,993) (642,260) 7.4%
Administrative expenses (231,390) (211,400) 9.5%
Other income 2,026,892 765,811 164.7%
Other operating expenses (206,502) (180,326) 14.5%
Share of profit of an associate 2,748 3,537 -22.3%
Profit from operations 2,779,801 2,358,586 17.9%
Finace Cost (17,079) (10,899) 56.7%
Profit before taxation 2,762,722 2,347,687 17.7%
Taxation (1,160,343) (845,167) 37.3%
Profit after taxation 1,602,379 1,502,520 6.6%
Earnings per share -basic and diluted (Rs) 12.91 12.11 6.6%

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