Atlas Honda suffers losses of Rs 117 million during 2QCY20

MG News | July 28, 2020 at 04:50 PM GMT+05:00

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July 28, 2020 (MLN): Atlas Honda Limited has posted losses of Rs. 117.7 million (LPS: Rs. 0.95) for the three months ended June 30, 2020, as compared to the profits of Rs. 842.1 million (EPS: Rs. 6.79) reported in the same period of last year.

According to the financial report submitted by the company to Pakistan Stock Exchange, the revenue of declined by around 60% due to the impact of COVID-19 pandemic on the volumetric sale. As a result, the gross profits of the company came down by almost 95%.

On the other hand, there was a decline of 98% in the non-core expenses, which gave some relief to the company’s financial wellbeing. The other income increased by merely 1%.

The major highlight of the results was the 113% increase in finance costs due to increase in the overall borrowings.

The company did not pay any taxes during the period under review.

Financial Results for the quarter ended June 30, 2020 (Rupees' 000)
	Jun-20	Jun-19	% Change
Sales - net	9,158,229	22,832,003	-60%
Cost of sales	(9,069,509)	(21,116,323)	-57%
Gross Profit	88,720	1,715,680	-95%
Sales and marketing expenses	(295,325)	(524,177)	-44%
Administrative expenses	(152,841)	(158,305)	-3%
Other income	265,579	263,124	1%
Other operating expenses	(1,833)	(90,214)	-98%
Finance costs	(11,269)	(5,301)	113%
Share of profit of associate	(10,815)	2,105
(Loss)/Profit before taxation	(117,784)	1,202,912
Income tax expense	-	(360,785)
(Loss)/Profit after taxation	(117,784)	842,127
(Loss)/Earnings per share	-0.95	6.79

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