Honda Atlas suffers 43 pct decline in PAT due to cost overrun

MG News | November 12, 2018 at 02:16 PM GMT+05:00

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November 12, 2018 (MLN): Honda Atlas Cars have reported their half yearly earnings for the period ended September 30, 2018, at a profit after tax (PAT) of Rs.2 billion (-43%), while earnings per share have logged in at Rs.14.57 per share.

An official report on the company’s profit and loss statement shows that such a substantial decline in profit growth is the result of drastic expansion in cost of sales (Rs.45.9 billion, up by 20%) and in net operational expenses, which have logged in at Rs.539 million (+178%).

Although Honda Atlas Cars’ sales for the period went up by 13%, as compared to the corresponding period last year, the above mentioned components weighed down overall profits, enough to not only arrest profit growth, but to change it into a decline.

Profit and Loss statement for the half year ended September 30, 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales	49,671,603	43,948,297	13.02%
Cost of sales	(45,879,834)	(38,240,363)	19.98%
Gross profit	3,791,769	5,707,934	-33.57%
Distribution & marketing cost	(356,337)	(341,437)	4.36%
Administrative expenses	(381,832)	(296,361)	28.84%
Other operating income	809,429	953,656	-15.12%
Other operating expenses	(610,663)	(509,919)	19.76%
	(539,403)	(194,061)	177.96%
Profit from operations	3,252,366	5,513,873	-41.01%
Finance cost	(6,367)	(6,477)	-1.70%
Profit before taxation	3,245,999	5,507,396	-41.06%
Taxation	(1,165,211)	(1,803,358)	-35.39%
Profit after taxation	2,080,788	3,704,038	-43.82%
Earnings per share - basic and diluted	14.57	25.94	-43.83%

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