Atlas Honda’s yearly profits drop by 4 percent

MG News | June 01, 2020 at 04:52 PM GMT+05:00

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June 1, 2020 (MLN): Atlas Honda Limited has revealed the financial results for the year ended March 31, 2020, as per which, the net profits amounted to Rs. 3.07 billion (EPS: 24.81), nearly 4 percent lower than the figures reported in the last year.

The company also announced a final cash dividend for the year at Rs. 8.5 per share, i.e. 85%. This is in addition to interim dividend already paid at Rs. 6.5 per share i.e. 65%.

According to the financial report released on Monday, the topline income of the company grew by merely 3 percent, whereas the cost of sales surged by around 4 percent. This resulted in a 6.7 percent decline in gross profits.

While the major expense heads of the company, i.e. Sales/Marketing and Administrative depicted insignificant changes over the year, the non-core income showed an increase of 25 percent while non-core expenses fell by 16 percent.

The company received a huge blow in the form of a 119 percent increase in finance costs, owing to an increase in borrowings. The income tax expense, however, fell by 5.2 percent, providing some cushion to the financial wellbeing of the company.

Profit and Loss for the year ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Sales	84,775,972	82,412,548	2.9%
Cost of Sales	(78,660,040)	(75,856,677)	3.7%
Gross Profit	6,115,932	6,555,871	-6.7%
Sales and Marketing Expenses	(1,981,571)	(1,924,062)	3.0%
Administrative expenses	(652,273)	(640,209)	1.9%
Other income	1,370,948	1,097,636	24.9%
Other operating expenses	(388,968)	(463,793)	-16.1%
Share of profit of an associate - net of tax	4,443	15,698	-71.7%
Profit from operations	4,468,511	4,641,141	-3.7%
Finance Cost	(56,718)	(25,818)	119.7%
Profit before taxation	4,411,793	4,615,323	-4.4%
Taxation	(1,333,393)	(1,406,664)	-5.2%
Profit after taxation	3,078,400	3,208,659	-4.1%
Earnings per share - Rs.	24.81	25.86	-4.1%

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