Earning review: HCAR’s profits slump by 77%

MG News | July 23, 2019 at 01:11 PM GMT+05:00

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July 23, 2019 (MLN): The Board of Directors of Honda Atlas Cars (Pakistan) Limited, in their meeting held on Tuesday, July 23, 2019, discussed and presented the financial results of the Company for the quarter ended June 31, 2019.

As per the official earning report issued the PSX, the company has earned a Profit after Tax of Rs. 241 million (EPS: 1.69), as compared to Rs. 1 billion earned in the corresponding period of last year.

The major driving force behind this typical performance was the drop in revenue by 25%, thanks to poor sales volume. Moreover, the gross profits fell by 37% on account of persistent PKR devaluation.

The company’s performance was in line with the market expectations only till the extent that it did not incur losses. Other than that, the overall performance was hardly close to the projections put forth by brokerage houses.

Profit and loss account for the quarter ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Sales	17,879,689	23,854,280	-25.05%
Cost of sales	-16,529,560	-21,710,566	-23.86%
Gross Profit	1,350,129	2,143,714	-37.02%
Distribution and marketing costs	-177,891	-190,871	-6.80%
Administrative expenses	-196,787	-166,492	18.20%
Other operating income	174,992	449,168	-61.04%
Other operating expenses	-739,808	-347,099	113.14%
Profit from operations	410,635	1,888,420	-78.26%
Finance cost	-54,441	-4,399	1137.58%
Profit before taxation	356,194	1,884,021	-81.09%
Taxation	-114,478	-833,551	-86.27%
Profit after taxation	241,716	1,050,470	-76.99%
Earnings per share - basic and diluted	1.69	7.36	-77.04%

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