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

11:11
October 28, 2020
MG

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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Posted on: 2020-10-28T16:11:00+05:00

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