Lahore May 27 2024: Honda Atlas Cars (Pakistan) Limited reported profit of PKR 2,333 million for the financial year 2024 due to improvement in margins and rupee stability.
Company also booked tax reversal of PKR 418 million for the full year.
Honda Atlas Cars sold 10,530 units during the financial year which are 60 percent less than that of last year.
In contrast to an unusual beginning of the year, the Company managed to achieve improved financial results for the full year. It has been possible through continuity of operations and management’s firm commitment to keep the business afloat during the last three quarters.
During the financial year 2024 ended March 31, 2023, net sales revenue of the Company remained at PKR 55,071 million in comparison with PKR 95,087 million in the corresponding period last year.
The gross profit came out at PKR 4,508 million against PKR 7,161 million a year ago.
Selling and administrative expenses were recorded at PKR 2,395 million against PKR 2,225 million. Other income recorded at PKR 2,251 million in comparison to PKR 2,321 million owing to customers’ confidence on the Company’s products and better funds management. USD PKR exchange rate improvement and helped the Company to avoid exchange loss.
Financial and other charges remained at the level of PKR 1,614 million against PKR 5,725 million in the preceding year.
Resultantly, the Company posted PKR 2,752 million as profit before tax in comparison to PKR 1,982 million. After statutory tax adjustments, including super tax provision, the net profit for the full year ended March 31, 2023 came at PKR 2,333 million as compared to PKR 260 million of the corresponding period last year. Earnings per share increased to PKR 16.34 against PKR 1.82 for last year.
