Atlas Honda suffers losses of Rs 117 million during 2QCY20

11:50
July 28, 2020
MG

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

Copyright Mettis Link News

Posted on: 2020-07-28T16:50:00+05:00

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43	KES	133.00000	134.00000	134.00000	133.00000	12:10 PM
44	AMD	392.60000	392.60000	392.60000	392.60000	07:55 AM
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46	XAU	2,390.01000	2,391.71000	2,391.71000	2,390.01000	07:15 PM
47	XAG	28.65580	28.68580	28.68580	28.65580	07:15 PM
48	XPT	931.58700	937.31300	937.31280	931.58720	02:00 AM
49	XPD	1,026.51000	1,034.34000	1,034.33590	1,026.50920	02:00 AM
2,120	VES	36.25120	36.34210	36.34210	36.25125	12:29 PM
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