Honda Atlas Cars Ltd on Thursday announced a 52 per cent decline in net profit for the nine-month period ended December 31, 2022.
According to the unconsolidated financial results submitted to the Pakistan Stock Exchange (PSX), Honda Atlas announced profit after tax at Rs1.1 billion for nine months period ended December 31, 2022 as compared to Rs2.3 billion during the same period last year, showing a decrease of 52 per cent.
The company declared earnings per share (EPS) at Rs7.59 for the nine months period ended December 31, 2022 as compared with EPS at Rs16.20 during the same period last year, showing a decrease of 53 per cent.
The Board of Directors of Honda Atlas Cars met on January 06, 2023 and recommended for cash dividends, bonus shares and right shares.
The company recorded the gross profit at Rs4.3 billion for the nine months ended December 31, 2022 as compared to Rs4.2 billion during the same period last year.
The company’s gross profit was increased 2.4 per cent because the cost of sales were reduced to Rs68.4 billion as compared to Rs73.1 billion in the same period last year.
The profit before tax of Honda Atlas declined by 31 percent at Rs2.4 billion for the nine months ended December 31, 2022 as compared to Rs3.5 billion in the same period last year.
The company further predicts the economic situation to be uncertain on account of rising inflation, fiscal slippages and drying up of financial inflows and reserves. It is essential to sustain the reform momentum and focus on policies for securing stability and promoting sustainable growth.
The company in a statement said that as the economy returns to full capacity and recovery becomes durable, the two-wheeler segment is expected to resume its growth momentum.
Honda Atlas remains confident in continuing its journey of sustained long-term growth. The company is well poised and has demonstrated its ability to avail new opportunities and handle adversity with an aim to keep building a long-term business proposition that increases stakeholder value.
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