ATLH reports 29% decline in net profits

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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Posted on: 2019-07-30T16:14:00+05:00

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