Honda Atlas Cars declares 50 percent drop in after tax profit

KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday announced 50 percent drop in net profit for the quarter ended September 30, 2019.

According to financial results of the company the profit after tax for the quarter (July – September) 2019 fell to Rs509.69 million as compared with the net profit of Rs1,030 million in the corresponding quarter of the last year.

The sales of the company fell to Rs11.64 billion for the quarter under review as compared with Rs25.81 billion in the corresponding period of the last year, posting 55 percent decline.

The gross profit of the company declined to Rs1.21 billion for the quarter ending September 30, 2019 as compared with Rs1.65 billion in the same period of the last year.

The company declared profit of Rs1.1 billion for the half year (April – September) 2019 as compared Rs3.24 billion in the same half of the last year.

The sales of the company during the half fell to Rs29.52 billion as compared with Rs49.67 billion in the same half of the last fiscal year.

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