Atlas Honda suffers losses of Rs 117 million during 2QCY20
MG News | July 28, 2020 at 04:50 PM GMT+05:00
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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