Honda Atlas Cars Pakistan Ltd. (HCAR) posted nine month results for the year 2017, just shy of industry expectations. The Honda Atlas Cars have seen significant surge in sales over the last year as new Civic variant has gone on to post record sales numbers beating the Toyota’s Corolla model.
HCAR’s Nine Months’ profit after taxation during 2017 clocked in at Rs. 5.12 billion against industry expectations of Rs. 5.2 billion.
The company’s EPS was in line of the expectations as well, clocking in at Rs. 35.86 vs. analyst estimates of Rs. 36.55, declining by 27.52% from same period last year.
HCAR reported an increase of 57.55% Sales, and an increase of 63.07% in cost of sales. Moreover, Gross Profit for the reported period shot up by 26.61%. The company also reported an increase of 112% in other operating incomes.
Finance Costs for the period declined by more than 50% during the period as well.
Unconsolidated Profit and Loss Account – April to December 31st 2017 |
|||
---|---|---|---|
Key Financials |
2017 |
2016 |
% Change |
Amounts in PKR ‘000 |
|||
Sales |
65,746,079 |
41,729,032 |
57.55% |
Cost of Sales |
57,759,240 |
35,420,666 |
63.07% |
Gross Profit |
7,986,839 |
6,308,366 |
26.61% |
Distribution & Marketing Cost |
498,630 |
332,143 |
50.13% |
Administrative Expenses |
446,776 |
358,998 |
24.45% |
Other operating income |
1,414,082 |
665,601 |
112.45% |
Other operating expenses |
826,400 |
424,969 |
94.46% |
Profit from Operations |
7,629,115 |
5,857,857 |
30.24% |
Finance Cost |
9,409 |
19,094 |
-50.72% |
Profit before Taxation |
7,619,706 |
5,838,763 |
30.50% |
Taxation |
2,498,935 |
1,822,891 |
37.09% |
Profit after Taxation |
5,120,771 |
4,015,872 |
27.51% |
EPS – Basic & diluted |
35.86 |
28.12 |
27.52% |
Company release on Earnings Report can be accessed here.