Table of Contents
Company Information | 2 |
Chairman's Review (English) | 4 |
Chairman's Review (Urdu) | 7 |
Condensed Interim Statement of Financial Position | 8 |
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Cash Flows | 11 |
Notes to the Condensed Interim Financial Statements | 12 |
Company Information
Board of Directors
Aamir H. Shirazi
Chairman
Sanaullah Qureshi
Director
Abid Naqvi
Director
Mashmooma Zehra Majeed
Director
Masanori Kito
Director
Shunsuke Miyazaki
Director
Kazushi Yamanaka
Director
Saquib H. Shirazi
Chief Executive Officer
Maheen Fatima
Company Secretary
Audit Committee
Abid Naqvi
Chairman
Sanaullah Qureshi
Member
Mashmooma Zehra Majeed
Member
Muhammad Asim
Head of Internal Audit
Maheen Fatima
Secretary
Human Resource &
Remuneration Committee
Abid Naqvi
Chairman
Sanaullah Qureshi
Member
Saquib H. Shirazi
Member
Tahir Nazir
Secretary
Management
Saquib H. Shirazi
Chief Executive Officer
Afaq Ahmed
Vice President Marketing
Shunsuke Miyazaki
Vice President Technical
Kazushi Yamanaka
General Manager Technical
Kashif Yasin
Chief Financial Officer
Faisal Mahmud
General Manager New Model Center
Hassan Mushtaq Cheema
General Manager Production,
Planning & Control
Muhammad Ammar
General Manager Engineering & Projects
Muhammad Rashad Rashid
General Manager Quality Assurance
Muhammad Zafar Iqbal
General Manager After Sales
Mujahid-ul-Mulk Butt
General Manager Sales
Rashid Ahmed
General Manager Commercial & Planning
Syed Tanvir Hyder
General Manager Supply Chain & Systems
Tahir Nazir
General Manager Human Resources
& Administration
Zia Ul Hassan Khan
General Manager Plants
02 Quarterly Report December 2022
Company Information
Auditors
Shinewing Hameed Chaudhri & Co. Chartered Accountants
Legal Advisors
Mohsin Tayebaly & Co.
Tax Advisors
EY Ford Rhodes,
Chartered Accountants
Shares Registrar
Hameed Majeed Associates (Pvt.) Limited
H. M. House, 7-Bank Square,
Shahrah-e-Quaid-e-Azam, Lahore
Tel: (92-42)37235081-82
Fax: (92-42) 37358817
Bankers
Allied Bank Limited
Askari Bank Limited
Bank Al-Habib Limited
Bank Alfalah Limited
Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
Khushali Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Standard Chartered Bank (Pakistan Limited United Bank Limited
Registered Office
1-McLeod Road, Lahore-54000
Tel: (92-42)37225015-17,37233515-17
Fax: (92-42) 37233518, 37351119
E-mail: ahl@atlas.com.pk
Website: www.atlashonda.com.pk
Factories
F-36, Estate Avenue, S.I.T.E., Karachi-75730
UAN: (92-21)111-111-245
Tel: (92-21)32575561-65
Fax: (92-21) 32563758
26-27 KM, Lahore-Sheikhupura Road,
Sheikhupura-39321
Tel: (92-56)3406501-8
Fax: (92-56) 3406009
Branch Offices &
Customer Contact Centre
Azmat Wasti Road, Multan Tel: (92-61)4570413-14(92-61)111-112-411 Fax: (92-61) 4541690
Islamabad Corporate Center,
Plot No. 784/785, Golra Road, Islamabad
Tel: (92-51)5495921-7,
Fax: (92-51) 5475928
Makhdoom Altaf Road, West Sadiq Canal
Bank, Near City School, Rahimyar Khan
Tel: (068) 5883415-19,
Fax: (068) 5883414
2nd Floor, Dawood Centre, Autobhan Road, Hyderabad.
Tel: (022) 3411361-9
Fax: (022) 34113670
1st Floor, Meezan Executive Tower, 4 - Liaquat Road, Faisalabad Tel: (92-41)2541011-7, 2541014
1st Floor, 28-Mozang Road, Lahore Tel: (92-42)36361191-5,36360740-7
Showroom
West View Building, Preedy Street, Saddar, Karachi
Tel: (92-21) 32720833, 32727607
Customer Contact Centre
UAN: (92-42)111-245-222
Toll Free: 0800-245-22
Email: contact.centre@atlashonda.com.pk (Within working hours from Monday to Friday)
Atlas Honda Limited 03
Chairman's Review
I am pleased to present the unaudited condensed interim financial information of the Company for the nine months ended December 31, 2022.
MACROECONOMIC OVERVIEW
The economy continued to face pressures on account of rising inflation, an elevated fiscal deficit and uncertainty over external financing. The GDP growth rate projection for the current year has been revised downwards to 2.0%. Inflation is climbing and was recorded at 25.1% during first five month of FY23 as compared to 9.3% during same period of last year. This was mainly driven by rupee devaluation pass through to domestic prices and upward revision in energy & food prices. On a positive note, revenue collections stood at Rs. 3.4 trillion, reflecting a healthy growth of 16.5% over comparative period of last year. However, leaving a shortfall of more than Rs. 220 billion against the target.
On the external front, strict policy actions and adoption of stabilization strategies started to yield positive results, with narrowed current account deficit (CAD) to USD 3.1 billion in Jul-Nov FY23 from USD 7.2 billion in July-Nov FY22. The improvement in CAD was mainly driven through reduction in import bill of 20.5% from USD 32.9 billion to USD 26.9 billion. However, due to slowdown in global demand and gap in exchange rate (interbank and open market), exports and workers remittances declined by 3.4% and 9.6%, respectively. Despite positive development in CAD, foreign exchange reserves held by the Central Bank breached the USD 5 billion-mark for the first time in ten years and dropped to USD 4.1 billion due to debt servicing and delay in resumption of IMF EFF program. Due to high demand for US dollars, Pak rupee has lost more than one-fourth of its total value during 2022 with rupee's slide worsening during the second half of the calendar year. The PSX 100 index also continued its downward trend and closed the year at 40,420 points. This dismal performance was due to deterioration of investors' confidence and political uncertainty. In a bid to ensure macroeconomic stability and keeping aggregate demand in control, the central bank increased the benchmark interest rate by 6.25% during the year from 9.75% to 16%.
The performance of agriculture sector was badly affected due to torrential rains and severe floods which damaged the estimated 8.3 million acres of cultivated crops. In order to support the sector, the Government has announced incentives in "Kissan Package" and increased agriculture credit disbursement by 35.9%. Further, with better input situation, including water supply, Rabi crops are expected to perform better. This may help to improve demand for consumer durables in rural areas which slowed down in first half of FY 23.
Large Scale Manufacturing (LSM) registered negative growth of 3.6% in July-Nov FY23 as against growth of 3.3% in July-Nov FY2022 due to elevated inflationary pressures and
supply chain disruptions. The import restrictions on account of | ||||
declining foreign exchange reserves has started to cripple industries. | Sales Growth | |||
Resultantly, most demand indicators including sales of cement, POL, | ||||
(Rs. in million) | ||||
automobiles and textiles reflect a downward trend. Accordingly, the | 6.3% | |||
+7% | ||||
shortage of much-needed foreign currency inflows from bilateral and | 7.4% | |||
multilateral institutions is required to resolve the issue of Letter of | ||||
Credits (LCs) for ensuring sustained growth in this segment. |
OPERATING RESULTS | 96,073 | 102,478 | ||
During the nine months period ended December 31, 2022, | ||||
the Company achieved net sales of Rs. 102.5 billion, an | ||||
increase of 6.6% as compared to last year. However, gross | ||||
profit declined from Rs. 7.1 billion to Rs. 6.4 billion, down by | Dec | Dec | ||
9.1%. Resultantly, Gross profit percentage recorded at 6.3% | 2021 | 2022 | ||
Sales | Gross Profit (%) | |||
as compared to 7.4% of same period last year. The decline in | ||||
04 Quarterly Report December 2022
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Atlas Honda Ltd. published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 05:42:04 UTC.