Honda Atlas earnings cross Rs2b
Company announces surprise dividend of Rs4.18 per share
PHOTO: EXPRESS
KARACHI:
Honda Atlas Cars (Pakistan) Limited has posted an impressive profit of Rs2.09 billion in the quarter ended June 30, 2017, up 99% compared to Rs1.05 billion in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.
Earnings per share (EPS) amounted to Rs14.61 in the April-June 2017 quarter compared to Rs7.36 in the corresponding period of previous year. Along with the results, the company announced a surprise dividend of Rs4.18 per share.
Its earnings were better than analyst expectations. Earlier, a Taurus Securities’ report predicted a net profit of Rs1.80 billion (EPS Rs12.58) in the June quarter.
Honda Atlas Cars’ stock closed 2.86% higher at Rs684.78 at the PSX. The benchmark KSE 100-share Index ended the day with a gain of 388 points or 0.85% at 45,917.
Revenues of the automobile company stood at Rs21.06 billion, registering a whopping 100% year-on-year growth, largely because of 54% year-on-year jump in volumes on the back of strong sales of the new Civic model coupled with successful launch of the BR-V variant.
Honda Atlas Cars’ margins during the quarter under review settled at 14.20% (down 7.5 percentage points year-on-year and up 13.35 percentage points quarter-on-quarter).
The rise in gross margins quarter-on-quarter was primarily due to favourable rupee-yen exchange rate as the yen depreciated 2.3% and higher volume growth, according to a Taurus Securities report.
As demand for the new Civic model continued to pour in, coupled with bookings for the BR-V variant, the availability of cash from advance bookings led to 265% year-on-year jump in other income that stood at Rs466 million for the first quarter of marketing year 2018 (1QMY18) against Rs128 million in 1QMY17.
The company’s full-year earnings in the year ended March 2017 were calculated at Rs6.13 billion, up 72% compared to Rs3.55 billion in the previous year.
Published in The Express Tribune, July 26th, 2017.
Honda Atlas Cars (Pakistan) Limited has posted an impressive profit of Rs2.09 billion in the quarter ended June 30, 2017, up 99% compared to Rs1.05 billion in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.
Earnings per share (EPS) amounted to Rs14.61 in the April-June 2017 quarter compared to Rs7.36 in the corresponding period of previous year. Along with the results, the company announced a surprise dividend of Rs4.18 per share.
Its earnings were better than analyst expectations. Earlier, a Taurus Securities’ report predicted a net profit of Rs1.80 billion (EPS Rs12.58) in the June quarter.
Honda Atlas Cars’ stock closed 2.86% higher at Rs684.78 at the PSX. The benchmark KSE 100-share Index ended the day with a gain of 388 points or 0.85% at 45,917.
Revenues of the automobile company stood at Rs21.06 billion, registering a whopping 100% year-on-year growth, largely because of 54% year-on-year jump in volumes on the back of strong sales of the new Civic model coupled with successful launch of the BR-V variant.
Honda Atlas Cars’ margins during the quarter under review settled at 14.20% (down 7.5 percentage points year-on-year and up 13.35 percentage points quarter-on-quarter).
The rise in gross margins quarter-on-quarter was primarily due to favourable rupee-yen exchange rate as the yen depreciated 2.3% and higher volume growth, according to a Taurus Securities report.
As demand for the new Civic model continued to pour in, coupled with bookings for the BR-V variant, the availability of cash from advance bookings led to 265% year-on-year jump in other income that stood at Rs466 million for the first quarter of marketing year 2018 (1QMY18) against Rs128 million in 1QMY17.
The company’s full-year earnings in the year ended March 2017 were calculated at Rs6.13 billion, up 72% compared to Rs3.55 billion in the previous year.
Published in The Express Tribune, July 26th, 2017.