KARACHI: Honda Atlas Cars (Pakistan) Ltd on Thursday announced a 40.68% drop in profit for the quarter ended December 31 due to an increase in the cost of sales.
In a statement to the Pakistan Stock Exchange, the company reported a net profit of 445.94 million rupees in the quarter ended December 31 against 751.80 million rupees in the same period last year. The company has not announced any dividends for this period.
Earnings per share came in at Rs3.12, compared to EPS of Rs5.26 in the same period last year.
The company said its sales for the quarter increased to 29.53 billion rupees from 17.64 billion rupees a year earlier. However, the cost of sales was recorded at Rs28.73 billion against Rs16.49 billion last year, which reduced profits. Gross profit in the quarter was 801.13 million rupees compared to 1.15 billion rupees in the same period last year.
For the nine-month period ended December 31, the company reported EPS of Rs16.20, compared to reported EPS of Rs6.29 for the same period last year. Total profit for the nine months was recorded at Rs2.31 billion against Rs897.65 million. Sales for this period were recorded at Rs77.27 billion against Rs44.58 billion.
A report from Arif Habib Ltd, a brokerage, indicates that the company’s revenue increased 73% year-on-year during 9MMY22 due to higher vehicle prices and an increase in sales volumes up 70% year-over-year to 27,141 units versus 15,995 units in 9MMY21.