Atlas Honda’s profits decline by 37% during 1HFY21
By MG News | October 28, 2020 at 04:11 PM GMT+05:00
October 28, 2020 (MLN): Atlas Honda Limited’s earnings for the half-year ended September 30, 2020, stood at Rs. 885.3 million (EPS: 7.14), showing a decline of 37% as compared to the same period of last year. The company also announced an interim cash dividend for the period at Rs. 4 per share i.e. 40%.
The decline in earnings resulted from a 34% drop in gross profits, which in turn resulted from a 19% decline in net revenue.
The profits took a further hit from a 97% increase in finance costs, despite there being a fall in the policy rate during the period. The presence of share of losses from associates further added to the company’s misery.
However, some respite was drawn from a 10.5% growth in other income, as well as a 16% decline in non-core expenses.
| Consolidated Financial Results for the half-year ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change | |
| Net sales | 33,573,840 | 41,302,591 | -18.7% |
| Cost of sales | (31,584,985) | (38,278,670) | -17.5% |
| Gross profit | 1,988,855 | 3,023,921 | -34.2% |
| Sales and marketing expenses | (774,611) | (1,013,103) | -23.5% |
| Administrative expenses | (342,259) | (329,876) | 3.8% |
| Other income | 595,875 | 539,037 | 10.5% |
| Other operating expenses | (131,693) | (156,597) | -15.9% |
| Share of profit / (loss) from associates | (5,519) | 2,542 | |
| Finance cost | (27,340) | (13,884) | 96.9% |
| Profit before taxation | 1,303,308 | 2,052,040 | -36.5% |
| Taxation | (417,927) | (639,417) | -34.6% |
| Profit after taxation | 885,381 | 1,412,623 | -37.3% |
| Earnings per share | 7.14 | 11.38 | -37.3% |
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