Earning review: HCAR’s profits slump by 77%
By MG News | July 23, 2019 at 01:11 PM GMT+05:00
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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