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Thursday 11 July, 2024
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Honda Atlas, a prominent Pakistani automaker, reports a 90% decline in profits

BY Shahzad Saeed May 27, 2023. 06:24 pm UPDATED: May 27, 2023. 06:24 pm

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In the wake of the financial crisis, Honda Atlas, a top automaker, reported a staggering 90% decline in profits. According to the statistics, the company’s revenue will decline from Rs. 108.047 billion in 2022 to Rs. 95.087 billion in 2023.

The earnings/share decreased from Rs 17.58 in 2022 to Rs 1.82 in 2023 as a result of rising expenses. Additionally, a net profit of Rs 260.141 million, down from Rs 2.5 billion, was disclosed in the stock filing. In addition, the cost of sales remained stable at Rs 87.9 billion from Rs 102.515 billion the previous year.

Sources claim that the company’s spending increased from Rs 984.045 million to Rs 4.929 billion, negatively impacting revenue margins.

The poor state of the nation’s economy, rising costs, and declining volumetric sales have all been blamed for the loss in profits. The company also announced a lengthy closure due to a significant loss in profits. However, the business began operating again on May 16 and is making improvements.

Read more: Shahid Khaqan Abbasi and I will remain together no matter which party he joins: Miftah Ismail

 

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