ATLH reports 29% decline in net profits
By MG News | July 30, 2019 at 04:14 PM GMT+05:00
July 30, 2019 (MLN): The Board of Directors of Atlas Honda Limited in their meeting held on Tuesday has announced Profit after Tax of Rs. 842 million (EPS: Rs. 6.79) for the quarter ended June 30, 2019, depicting a decline of 29.5%.
The earnings were impacted by higher increase in cost of sales than sales revenue, which pulled down gross profits by 19%.
Moreover, the finance cost surged by 229% due to higher interests rates on borrowings.
| Financial results for the quarter ended June 30, 2019 (Rs'000) | |||
|---|---|---|---|
| 2019 | 2018 | % Change | |
| Sales | 22,832,003 | 22,128,662 | 3.18% |
| Cost of Sales | -21,116,323 | -20,006,170 | 5.55% |
| Gross Profit | 1,715,680 | 2,122,492 | -19.17% |
| Sales and Marketing Expenses | -524,177 | -481,541 | 8.85% |
| Administrative Expenses | -158,305 | -158,033 | 0.17% |
| Other Operating Income | 263,124 | 259,030 | 1.58% |
| Other Operating Expenses | -90,214 | -114027 | -20.88% |
| Profit from Operations | 1,206,108 | 1,627,921 | -25.91% |
| Finance Cost | -5,301 | -1,608 | 229.66% |
| Share of Profit of an associate - net of tax | 2,105 | 10,000 | -78.95% |
| Profit before taxation | 1,202,912 | 1,636,313 | -26.49% |
| Taxation | -360,785 | -441,805 | -18.34% |
| Profit after taxation | 842,127 | 1,194,508 | -29.50% |
| EPS - Rs | 6.79 | 9.63 | -29.49% |
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