ATLH profits plummet to Rs3.69bn, amid low inventory

MG News | January 25, 2023 at 06:11 PM GMT+05:00

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January 25, 2023 (MLN): Atlas Honda Limited today has unveiled its nine-month financial results ended December 31, 2022, wherein the company declared a profit after tax of Rs3.69 billion (EPS: Rs29.72), recording a loss of around 6.65% YoY against a net profit of Rs3.95bn (EPS: 31.84) in the same period a year ago, the company's filing on PSX showed.

ATLH faced many issues on the production side due to the shortage of imported raw materials, dollar scarcity, and economic uncertainties in the country.

Pursuant to the financial statement issued by the company, the topline witnessed an upsurge of 6.67% YoY to Rs102.48bn.

Furthermore, the gross profit of the company plunged by 9.12% YoY to Rs6.43bn as compared to Rs7.07bn in the corresponding period last year, shrinking gross margins from 7.36% to 6.27% in the said period under review.

On the cost side, the company’s major expense heads i.e., sales and marketing expenses swelled by 12.03% YoY from Rs1.75bn to Rs1.96bn due to full-scale business resumption, spending on marketing campaigns, and inflation. While the administrative costs increased by 4.29% YoY to Rs603mn.

On the tax front, the effective tax rate increased by 34.53% to Rs2.28bn as compared to Rs1.69bn in the same period last year.

Profit and Loss Account for nine-month ended December 31, 2022 ('000 Rupees)
	Dec-22	Dec-21	% Change
Sales	102,478,408	96,072,968	6.67%
Cost of Sales	-96,051,748	-89,001,062	7.92%
Gross Profit	6,426,660	7,071,906	-9.12%
Sales and Marketing Expenses	-1,956,333	-1,746,232	12.03%
Administrative expenses	-602,650	-577,860	4.29%
Other income	2,919,050	1,357,498	115.03%
Other operating expenses	-776,367	-439,373	76.70%
Share of profit of an associate	-1,082	16,743	-106.46%
Profit from operations	6,009,278	5,682,682	5.75%
Finace Cost	-43,050	-38,472
Profit before taxation	5,966,228	5,644,210	5.71%
Taxation	-2,277,874	-1,693,263	34.53%
Profit after taxation	3,688,354	3,950,947	-6.65%
Earnings per share -basic and diluted (Rs)	29.72	31.84	-6.66%

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