Management / Company's Structure
01 Company Information
Review Reports
02 Chairman's Review
04 Independent Auditor's Review Report
Condensed Interim Financial Statements
- Condensed Interim Statement of Financial Position
- Condensed Interim Statement of Profit or Loss
- Condensed Interim Statement of Comprehensive Income
- Condensed Interim Statement of Changes in Equity
- Condensed Interim Statement of Cash Flows
- Notes to and Forming Part of the Condensed Interim Financial Statements
- Chairman's Review (Urdu)
- Honda Dealers' Network
Drive to a Greener Future
Management / | 2 Review Reports | 3 | Condensed Interim |
1 Company's Structure | Financial Statements | ||
Company Information | |||
Board of Directors | |||
Mr. Aamir H. Shirazi | Chairman | ||
Mr. Takafumi Koike | President & CEO | ||
Mr. Saquib H. Shirazi | Director & Senior Advisor | ||
Mr. Shinobu Nakamura | Executive Director & VP (P) | ||
Mr. Eihiko Sato | Director | ||
Mr. Gaku Nakanishi | Director | ||
Mr. Muhammad Naeem Khan | Independent Director | ||
Mr. Ariful Islam | Independent Director | ||
Ms. Rie Mihara | Independent Director |
Company Secretary & Vice President
Mr. Maqsood-ur-Rehman Rehmani
Chief Financial Officer
Mr. Hamood-ur-Rahman Qaddafi
Audit Committee | |
Mr. Muhammad Naeem Khan | Chairman |
Mr. Saquib H. Shirazi | Member |
Mr. Eihiko Sato | Member |
Mr. Gaku Nakanishi | Member |
Human Resource and | |
Remuneration Committee | |
Mr. Muhammad Naeem Khan | Chairman |
Mr. Saquib H. Shirazi | Member |
Mr. Takafumi Koike | Member |
Mr. Shinobu Nakamura | Member |
Mr. Eihiko Sato | Member |
Executive Committee | |
Mr. Takafumi Koike | |
Mr. Maqsood-ur-Rehman Rehmani | |
Mr. Shinobu Nakamura | |
Head of Internal Audit | |
Mr. Imran Farooq |
Bankers
Allied Bank Limited
Citibank N.A.
Deutsche Bank AG
Faysal Bank Limited
Habib Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited United Bank Limited
Auditors
M/s A. F. Ferguson & Co.
Chartered Accountants
Legal Advisor
Cornelius, Lane & Mufti
Bukhari Aziz & Karim
Registered Office
1-Mcleod Road, Lahore, Pakistan. Tel: +92 42 37225015-17
Fax: +92 42 37233518
Factory
43 Km, Multan Road,
Manga Mandi, Lahore, Pakistan. Tel: +92 42 35384671-80
Fax: +92 42 35384691-92
E-mail: info@honda.com.pk
Regional Offices
Lahore
Asia House,
19-C&D, Block L, Gulberg III, Main Ferozepur Road.
Tel: +92 42 35694851-53
Fax: +92 42 35694854
Karachi
5th floor,
Tower-A, Technology Park, Shahrah-e-Faisal,
Tel: +92 21 32785411-1
- Half Year Report September 2022
Management / | 2 Review Reports | 3 | Condensed Interim |
1 Company's Structure | Financial Statements |
Chairman's Review
I am pleased to present the condensed interim financial statements of the Company for the half year ended September 30, 2022.
MACROECONOMIC OVERVIEW
During the quarter, the Country's economic situation remained fragile. Concerns on the economic front continued to persist on the back of rising inflation and a challenging external outlook. The situation was further affected by recent flooding, which has caused significant damage. This led the Government to revisit GDP target downward to 2%. On the other hand, the resumption of the IMF program came as a positive development and provided breathing space to the economy.
On the external front, the current account recorded a deficit of USD 1.9 Billion for 2M FY23, a decline of 19% over the corresponding period of last year. Balance of trade recorded a deficit of USD 9.2 billion for Q1 FY23, down by 21%. The improvement was driven through reduction in the import bill of 12.7% on account of various measures taken by the Government. Home remittances provided the much-needed support and held up well at USD 7.7 billion. However, as of September 2022, the State Bank of Pakistan's (SBP) foreign exchange reserves were reduced to alarmingly low levels of USD 7.9 billion compared to last year's USD 19.3 billion. Reflecting the increasing pressures on external account along with external debt servicing, the currency depreciated by more than 29.3% since January 2022. The net revenue collection increased to Rs. 1,635 billion, up by 27% as compared to same period last year. Inflation is rising and was recorded at 23.2% in September 2022, mainly driven by exchange rate pass through to domestic prices, upward revisions in domestic energy, fuel and food prices. Resultantly, the SBP in its recent monetary policy meeting held on October 10, 2022, maintained the benchmark interest rate at higher level of 15.0%.
The agriculture sector is projected to contract for the first time in more than two decades. The torrential
monsoon rains and flash floods have damaged an estimated 8.3 million acres of cultivated crops. This has caused substantial damage to the standing cotton, rice and sugar cane harvest. Considering the agricultural damage, the Country may have to resort towards import of cotton to meet domestic requirements. Resultantly, consumption saw an overall slowdown in the rural areas.
The LSM output contracted by 1.4% in 2M FY23 largely driven by broad based deterioration in domestically oriented sectors. Most demand indicators including sales of cement, POL and automobiles reflected downward trend. The spill- over effects of flood related damages, monetary tightening and higher input cost call for better coordinated actions to ensure sustained growth in this segment.
AUTOMOBILE INDUSTRY
For the six months ended September 2022, the auto Industry's output was only slightly off as the import restrictions did not come into effect until July. Volumes were 111,746 units in comparison to 116,110 units a year ago. Similarly, the Company produced 15,537 units against 16,852 units in the same period of last financial year. However, the imports in the second quarter were attached to a classified list of items requiring special approval from the State Bank of Pakistan (SBP). The measures were adopted to extend a lifeline to the fast-receding foreign reserves. While the ad hoc arrangement has helped avert a potential default, the knock-on effect for the auto sector has been severe. The stuck-up c o n s i g n m e n t s , v o l a t i l e s c h e d u l e s a n d unprecedented inflation have created constraints. At the same time, currency volatility and higher interest rates have reduced bank credit appetite and customer purchasing power. The footfall at the dealer end has certainly witnessed a slowdown.
OPERATING RESULTS
In the uncertain business environment, the performance of the automotive sector has been severely tested and impacted. Your Company
Drive to a Greener Future | 2 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Honda Atlas Cars (Pakistan) Limited published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2022 08:04:02 UTC.