Atlas Honda reports Rs1.62bn profits in 1QMY24

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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