Atlas Honda Limited (PSX: ATLH) has announced Rs. 1.602 billion profit for the quarter that ended June 30, 2023, depicting a 6.6 percent increase from Rs. 1.502 billion in the same period last year.
Due to the provision for Super Tax for the current and prior year, the profit after tax (PAT) for the three months period ended registered at the level mentioned above.
This translated into Earnings per Share (EPS) of Rs. 12.9 against an EPS of Rs. 12.1 for the corresponding period of last year.
During the three months period ended June 30, 2023, the Company achieved net sales of Rs. 35.6 billion, a decline of 5 percent as compared to last year. This is due to lower sales volume on account of import restrictions, inflationary pressures, and the overall slowdown in the economy.
Resultantly, gross profit declined from Rs. 2.6 billion to Rs. 1.9 billion, down by 28 percent. The decline in gross profit was due to lower sales volume, increase in material prices, rising energy cost and devaluation of Pak rupee with a less than commensurate increase in selling prices. Sales and marketing expenses rose to Rs. 0.7 billion, an increase of 7.0 percent, which is attributable to promotional activities and an increase in fuel cost.
Administrative expenses rose by 9 percent mainly due to the effects of continued inflation.
Other income, net of other operating expenses and financial charges, contributed an encouraging Rs. 1.8 billion to the bottom line, 3.1 times higher than the comparative period. This is on account of efficient treasury operations and an increase in policy rates.
The above factors supported the Company in achieving three months profit before tax of Rs. 2.8 billion, up by 18 percent.
At the time of filing, the company’s scrip at the bourse was Rs. 277, up by Rs. 0.01 with a turnover of 3,800 shares on Thursday.
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