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Honda Atlas Cars (Pakistan) Limited losses fell 48% to Rs143 million against Rs276 million


    The Express Tribune






Corporate results: Earnings season kicks off

By Faseeh Mangi
Published: January 25, 2012
Honda has managed to cut down its losses during April to December 2010 despite witnessing a sharp slowdown in sales.
Honda Atlas Cars (Pakistan) Limited losses fell 48% to Rs143 million against Rs276 million in the same period last year, according to a notice sent to the Karachi Stock Exchange on Tuesday.
The company faced sever constraints in the supply of parts during the period under review as floods in Thailand disrupted Honda operations worldwide including Pakistan, said Summit Capital analyst Muhammad Sarfraz Abbasi.
The situation gradually aggravated and operations almost ground to a halt in December as the company failed to manufacture a single car in its assembly facilities owing to unavailability of parts.
Production declined by 16% to 9,900 units compared with 11,728 units produced by the company in the same period last year. Starting the trickle down effect, sales also fell 9% to 10,233 units in comparison of 11,185 units in 9MFY11.
Consequently, monetary sales of the company witnessed a decline of 3% to Rs14.43 billion during April to December 2011 against sales of 14.83 billion in the corresponding period last year. The decline would have been wider, but it was somewhat covered by the increase in car prices, added Abbasi.
The company’s stock price rose Rs1.03 to close at Rs122.09 at the Karachi Stock Exchange on Tuesday.
Despite the growth of 165% in other income and 18% lower financial charges, a substantial rise in other operating cost which has witnessed an increase of 104% to Rs195 million, led the company to post a loss before tax of Rs42 million, said Abbasi.
Published in The Express Tribune, January 25th, 2012.

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