June 2, 2020 (MLN): Honda Atlas Cars (Pakistan) Limited has reported profits of Rs. 681.7 million (EPS: 4.77), nearly 82 percent lower than the figures reported in the previous year. The company also announced a final Cash Dividend for the year at Rs. 1 per share i.e. 10 %.
According to the company’s financial report issued to the PSX, the revenue declined by 42 percent owing to lower volumetric sale, whereas cost of sales dropped by nearly 42 percent on account of appreciation in local currency.
The earnings of the company were also impacted by factors that were not within its control, such as the low economic growth and higher auto financing.
Furthermore, the non-core income fell by a margin of 51 percent on the back of lower cash balance, which was impacted by the lower volumetric sale. On top of that, the finance cost depicted a 64x surge due to the increase in working capital requirements and higher borrowings.
Profit and Loss statement for the year ended March 31, 2020 ('000 Rupees)
