Honda Atlas Earned Rs. 1.49b Profit

Karachi, Honda Atlas Cars Pakistan earned net profit of Rs. 1.49 billion in quarter ended 31 December 2016, which is 143% more than the previous quarter. The company earned about Rs.612 million in the last quarter ending 30 September 2016 and it is revealed by the notice, which the company sent to Pakistan Stock Exchange.

Earnings per share were Rs.4.29 in the previous quarter and now it reached to Rs.10.45 in Oct-Dec 2016. The share price of Honda Atlas was increased by 0.01% and it was closing at Rs.780.43. KSE-100 index was closed at 50,192.36, which was up 435 point o r 0.88%. The profit in the last quarter of 2016 took the profitability over nine-month Apr-Dec period of 2016-17 to Rs.5.2 billion o r an EPS of Rs.28.12, which is the growth of 2114% against the same period of last year.

Honda Atlas Cars recorded its net revenues of Rs.15.71 billion in third quarter and it was in line with expectations. The company has reversed over 60% of order book for new 10th generation Civic and the sales of the vehicles were remained at the similar levels of the last quarter. When we carry out the year-on-year comparison, it displays the remarkable 50% escalation in first nine months of financial.

The gross margins are inched down to 200 base points to 13.9%. The parity of rupee-dollar remained same and there is increase in steel prices and the 5.3% appreciation of yen against dollar in previous quarter targeted the profitability of company.
Other income showed 38% quarter-on-quarter growth to Rs.312 million as the company accumulated the treasury bills and term deposits continuously.