KARACHI: Honda Atlas Cars posted first-quarter profit after tax (PAT) at Rs242 million, translating into earning per share (EPS) of Rs1.69.
This represented a plunge of 77 per cent from earnings in same quarter last year.
The company’s topline during 1Q clocked in at Rs17.9 billion, representing a drop of 25pc year-on-year which analysts attributed to a decline of 33pc in unit sales. Foundation Securities stated that other income decreased by 61pc due to lower expected cash available in 1QMY20 as car delivery time has been reduced.
Other expenses increased by a whopping 113pc, severely dragging earnings in the quarter under review. This could be attributable to higher expected exchange loss in 1QMY20 owing to significant currency devaluation.
Published in Dawn, July 24th, 2019
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