Honda Atlas suffers 43 pct decline in PAT due to cost overrun
MG News | November 12, 2018 at 02:16 PM GMT+05:00
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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