HCAR profits suffer a blow of 53.15% YoY in December 2022

By MG News | January 26, 2023 at 03:43 PM GMT+05:00

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January 26, 2023 (MLN): Honda Atlas Cars (Pakistan) Limited (HCAR) has declared its financial accounts for December 31, 2022, in its Board of Directors meeting today, whereby the company’s net profit for the period is recorded at Rs1.08 billion (EPS:7.59) which is 53.15% YoY lesser than the net income recorded last year.

The company’s overall sales during the period (Rs72.74 billion) went down by nearly 5.87% YoY as compared to Rs77.29bn in the same period last year (SPLY), while the gross profit of the company stood at Rs4.38bn up by 4.64% YoY.

On the cost side, the company’s major expense heads i.e., distribution and marketing expenses swelled by 28.51% YoY from Rs526.68 million to Rs676.83mn due to high spending on marketing campaigns, and inflation. While the administrative costs increased by 30.95% YoY to Rs982.75mn.

Furthermore, the finance cost of the HCAR drastically increased to Rs378.77mn which is 580.25% YoY, against Rs55.68mn in SPLY.

On the tax front, the effective tax rate increased by 18.53% YoY to Rs1.34bn as compared to Rs1.14bn in the last year.

Profit and Loss Account for nine-month ended December 31, 2022 ('000 Rupees)
	Dec-22	Dec-21	% Change
Sales	72,743,172,000	77,279,809,000	-5.87%
Cost of Sales	-68,364,399,000	-73,095,257,000	-6.47%
Gross Profit	4,378,773,000	4,184,552,000	4.64%
Sales and Marketing Expenses	-676,831,000	-526,678,000	28.51%
Administrative expenses	-982,751,000	-750,464,000	30.95%
Other income	1,638,919,000	1,381,996,000	18.59%
Other operating expenses	-1,545,906,000	-781,672,000	97.77%
Finance Cost	-378,770,000	-55,681,000	580.25%
	-1,945,339,000	-732,499,000	165.58%

Profit before taxation	2,433,434,000	3,452,053,000	-29.51%
Taxation	-1,349,696,000	-1,138,679,000	18.53%
Profit after taxation	1,083,738,000	2,313,374,000	-53.15%
Earnings per share -basic and diluted (Rs)	7.59	16.20	-53.15%

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