Atlas Honda’s profits decline by 37% during 1HFY21

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MG News | October 28, 2020 at 04:11 PM GMT+05:00

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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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