Honda Cars Pakistan posts massive 85pc decline in half year profit

Honda Cars Pakistan posts massive 85pc decline in half year profit

Honda Atlas Cars (Pakistan) Limited on Wednesday announced a massive 85 per cent decline in profit after tax for half year ended September 30, 2022.

According to financial results submitted to Pakistan Stock Exchange (PSX), Honda Cars Pakistan declared Rs273 million as profit after tax for the period April – September 2022 as compared with Rs1.87 billion in the corresponding period of the last year.

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The earnings per share (EPS) also restricted to Rs1.91 for the period under review as compared with Rs13.08 in the same period of the last year.

The board of directors of Honda Atlas Cars (Pakistan) Limited met on November 16, 2022 and approved the financial results for the half year ended September 30, 2022.

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Total sales of the company slightly increased to Rs49.79 billion during the half year ended September 30, 2022 when compared with Rs47.74 billion in the same period of the last year.

The company posted gross profit at Rs2.59 billion during April – September 2022 when compared with Rs3.38 billion in the corresponding period of the last year.

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Administrative expenses of the company increased to Rs661 million during the period of six months ended September 30, 2022 when compared with Rs503 million in the same months of the last year.

Honda Atlas Cars (Pakistan) Limited posted loss of Rs385 million during the quarter ended September 30, 2022 when compared with a profit of Rs939 million in the same quarter of the last year.

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