KARACHI: The manufacturer of Honda Cars in Pakistan has reported 73 percent decline in profit for the period (April-December) 2019.
According to financial results of the company shared with Pakistan Stock Exchange (PSX) on Thursday the company declared profit after tax to the tune of Rs710 million during the period as compared with Rs2.68 billion in April – December 2018.
The company also declared loss of Rs41.25 million for the quarter ended October – December 2019 as compared with profit of Rs601.59 million in the same quarter of the last year.
According to financial results for the third quarter ended December 31, 2019, Honda Atlas Cars (Pakistan) Limited reported massive fall of 54 percent in its sales for the period.
The car sales of the company fell to Rs9.86 billion during October – December 2019 as compared with Rs21.29 billion in the corresponding period of the last year.
The domestic car industry is witnessing sharp slumps in sales due to various reasons including significant depreciation of Pak Rupee, increase in prices and high cost of manufacturing.
The gross profit of the company also fell to Rs646.29 million during the quarter under review as compared with Rs1.63 billion in the same period of the last year.