Honda Atlas posts 10 percent profit increase for July-Sept quarter

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KARACHI: In a bourse notification Wednesday. Honda Atlas Cars announced an increase in profits of 10pc touching Rs1.62 billion for the second quarter ended September 30th, 2017.

During July-September 2017 quarter, Atlas Honda’s net sales surged by 48pc year-on-year courtesy stronger volumetric growth in sales volume. Honda City’s sales constituted a major part of sales mix during 2nd quarter of FY 2017-18.

Total sales of cars for Atlas Honda stood at 12,604 units registering increase of 56pc year-on-year and it sold 2,070 BRV units during the reported quarter.

Gross profits rose by only 9pc due to gross margins shrinking by 4.3 percentage points to 11.8pc against 16.2pc in same period last year (SPLY).

And other operating income surged by a massive 116pc year-on-year in Jul-Sep FY 18 because of rising customer advances for bookings of City of BRV model of cars.

Profit growth was impeded by an increase in super tax from 36pc to 38pc this year and during first 6 months net sales registered solid growth of 69pc year-on-year, largely due to sales of 23,642 units, rising 56pc year-on-year.

Atlas Honda’s earning per share was reported at Rs11.33, up Rs0.99 during the period under review. Its shares closed at Rs559.54 on Wednesday, down 3.88pc and KSE-100 index closed at 40,591 points, up 43 points.

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