HCAR profit soars 82pc in Q2FY23

KARACHI: Honda Atlas Cars Pakistan Ltd (HCAR) on Thursday announced an increase of 82 percent in its profit for the quarter that ended December 31, thanks to a decline in its cost of sales.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs810.825 million during the second quarter of FY23, against Rs445.945 million recorded in the same period last year.

HCAR did not announce any dividends for the said period.

Earnings per share (EPS) came in at Rs5.68/share, compared with EPS of Rs3.12/share during the same period last year.

The company said its sales for the quarter decreased to Rs22.948 billion, compared with Rs29.538 billion a year earlier.

However, the cost of sales was recorded at Rs21.158 billion from Rs28.737 billion last year, which increased its profit.

HCAR recorded gross profit during the quarter at Rs1.789 billion, against Rs801.134 million during the same period last year.

For nine months that ended December 31, the company posted a net profit of Rs1.083 billion, down from Rs2.313 billion during the same period in 2021. EPS during the period was recorded at Rs7.59, compared with Rs16.20 in 2021.