HCAR's profit plunges 62% amid rising costs
MG News | November 22, 2024 at 03:18 PM GMT+05:00
November 22, 2024 (MLN): Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) revealed its profitability, wherein the profit after tax clocked in at Rs257.74 million [EPS: Rs1.8] compared to a profit of Rs675.34m [EPS: Rs4.73] in the same period last year (SPLY).
The company experienced this profit drop despite its topline surging 18.92% to Rs16.6bn.
Part of this decline was due to the cost of sales outpacing sales growth, which resulted in a 20.0% decrease in gross profit, bringing it to Rs1.22bn in Q3 CY24.
Accordingly, the gross margins worsened to 7.4% as compared to 10.9% in SPLY.
HCAR suffered a further hit as its other income fell by 90.5% to stand at Rs84.85m as compared to Rs896.57m in SPLY.
On the expense side, the company's administration expenses rose 14.5% YoY to Rs437.92m.
On the other hand, distribution and selling expenses fell 14.6% YoY to Rs181.17m, and other operating expenses dropped 67.1% YoY to Rs66.97m.
The company’s finance cost grew by 60.9% and stood at Rs193.31m as compared to Rs120.17m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs168.71m against the Rs829.64m paid in the corresponding period of last year, depicting a fall of 79.7%.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 16,596,927 | 13,956,298 | 18.92% |
| Cost of sales | (15,375,959) | (12,429,502) | 23.71% |
| Gross Profit/ (loss) | 1,220,968 | 1,526,796 | -20.03% |
| Administration expenses | (437,919) | (382,600) | 14.46% |
| Distribution and selling expenses | (181,170) | (212,117) | -14.59% |
| Other Income | 84,845 | 896,574 | -90.54% |
| Other Operating Expenses | (66,965) | (203,506) | -67.09% |
| Financial (charges) / income | (193,314) | (120,169) | 60.87% |
| Profit/ (loss) before taxation | 426,445 | 1,504,978 | -71.66% |
| Final tax / levies | (168,706) | (829,642) | -79.67% |
| Net profit/ (loss) for the period | 257,739 | 675,336 | -61.84% |
| Basic earnings/ (loss) per share | 1.80 | 4.73 | - |
Amount in thousand except for EPS
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 163,304.13 424.61M | -0.78% -1286.28 |
| ALLSHR | 99,380.97 1,038.42M | -0.94% -946.44 |
| KSE30 | 49,842.51 138.16M | -0.73% -367.30 |
| KMI30 | 238,104.17 78.33M | -0.14% -327.97 |
| KMIALLSHR | 65,590.95 485.77M | -0.66% -435.42 |
| BKTi | 45,705.29 72.87M | -2.08% -972.73 |
| OGTi | 32,671.23 13.00M | -0.23% -74.93 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 110,900.00 | 112,355.00 109,820.00 | 480.00 0.43% |
| BRENT CRUDE | 65.98 | 66.78 65.41 | -0.01 -0.02% |
| RICHARDS BAY COAL MONTHLY | 80.50 | 0.00 0.00 | -1.05 -1.29% |
| ROTTERDAM COAL MONTHLY | 92.60 | 0.00 0.00 | 0.10 0.11% |
| USD RBD PALM OLEIN | 1,082.50 | 1,082.50 1,082.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 61.53 | 62.59 61.21 | -0.26 -0.42% |
| SUGAR #11 WORLD | 14.97 | 15.34 14.93 | -0.32 -2.09% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Profit Repatriation