Improvement: Honda’s losses decrease

KARACHI: Honda Atlas Cars Limited, Pakistan’s third largest car assembler, posted a net loss of Rs275.92 million for the nine months ended December 31, 2010, representing a 60 per cent decrease compared to the corresponding period in the preceding year.

Hence, loss per share dropped to Rs1.93 from last year’s Rs4.87, according to a communique sent to the Karachi Stock Exchange on Friday.

The carmaker switched to gross profit of Rs127 million against a loss of Rs220 million in 2009, a promising sign for the automobile assembler.

The company’s car sales increased by 22 per cent sold 6,957 cars during July to December 2010 compared with 5,671 cars in the same period last year, according to Pakistan Automotive Manufacturers Association (PAMA).

Honda Atlas Cars Pakistan Limited is a joint venture between Honda Motor Company Limited Japan and the Atlas Group of Companies, Pakistan.

Published in The Express Tribune, January 29^th, 2011.