HCAR continues to suffer miserably…

MG News | January 23, 2020 at 12:31 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

January 23, 2020 (MLN): Honda Atlas (Pakistan) Cars Limited has suffered a 73.54% decline in its net earnings, as suggested by the latest financial report issued to the Pakistan Stock Exchange by the company on Thursday.

According to the report, the company’s earnings for the nine months period ended on December 31, 2019, stood at Rs. 710.1 million (EPS: Rs. 4.97), as opposed to Rs. 2.68 billion (EPS: Rs. 18.78) reported in same period of last year.

As quite apparent from the table below, the decline in earnings came mainly from lower sales revenue, along with substantial decline in non-core income, despite attempts by the company to recover recuperate revenue via higher prices. Without any doubt, the sales revenue were dented by falling volumetric sales.

On the brighter end, the company saw a 44.8% reduction in cost of sales on the back of stability in the PKR-USD exchange rate, as well as company’s ability to pass on the impact of unfavorable factors on to the consumers.

It may be pertinent to note that the performance of the company was in line with the market expectations, wherein most of the market observers were sure of a colossal decline in net income owing to deterioration in demand.

Profit and Loss statement for the nine months ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Sales	39,390,768	70,964,378	-44.49%
Cost of sales	(36,179,131)	(65,543,644)	-44.80%
Gross profit	3,211,637	5,420,734	-40.75%
Distribution & marketing cost	(598,485)	(647,911)	-7.63%
Administrative expenses	(548,734)	(533,328)	2.89%
Other operating income	210,310	1,041,502	-79.81%
Other operating expenses	(647,553)	(1,138,943)	-43.14%
Profit from operations	1,627,175	4,122,054	-60.53%
Finance cost	(577,284)	(8,250)	6897.38%
Profit before taxation	1,049,891	4,113,804	-74.48%
Taxation	(339,733)	(1,431,421)	-76.27%
Profit after taxation	710,158	2,682,383	-73.53%
Earnings per share - basic and diluted	4.97	18.78	-73.54%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	178,262.34 385.16M	4.23% 7241.13
ALLSHR	107,837.44 1,028.26M	3.85% 4001.05
KSE30	53,347.67 160.21M	4.70% 2395.68
KMI30	251,510.37 142.71M	4.52% 10876.50
KMIALLSHR	69,173.86 484.44M	3.91% 2601.11
BKTi	51,064.73 51.74M	4.91% 2391.50
OGTi	35,248.42 10.48M	4.59% 1546.17

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,470.00	66,075.00 63,875.00	255.00 0.40%
BRENT CRUDE	89.64	93.60 87.55	-7.14 -7.38%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	120.00	120.00 120.00	-0.25 -0.21%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	83.23	86.20 82.12	-6.08 -6.81%
SUGAR #11 WORLD	14.60	14.75 14.54	-0.17 -1.15%