Honda Atlas Posts Unbelievable Increase in Profits in FY2021
Honda Atlas Cars Pakistan Ltd. (HCAR) has announced its financial results for the year that ended on 31 March 2021.
The company reported a profit of Rs. 1.79 billion during the year, up by 163 percent as compared to a profit of Rs. 681 million in the previous year.
The sales during the year were up by 22.40 percent to Rs. 67.36 billion, as compared to Rs. 55.04 billion that was recorded last year. It also announced a final cash dividend of Rs. 4.52 per share.
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The revenues were up due to a seven percent increase in the sales volume to 24,072 units during MY21, as compared to 22,417 units sold in MY20. The main reason behind the increase in its profits was growing sales as the volumes bounced back due to attractive auto-financing rates and the release of pent-up demand with lower finance costs. Another reason for it was the higher car prices charged by the company for the period.
Honda Atlas Cars Announces a Massive Turnaround in 3rd Quarter
Honda Atlas Cars Pakistan Ltd. (HCAR) announced its financial results for the third quarter that ended December 31, 2020.
The company has reported a profit of Rs. 751.80 million during the 3rd quarter. It had reported a loss of Rs. 41.25 in the same period last year. During the first nine months, the profits of the company grew by 26.40 percent to Rs. 897.65 million as compared to Rs. 710.15 million.
During this quarter, the company sales bounced back massively by 80 percent to Rs. 17.64 billion as compared with Rs. 9.86 billion recorded in the same period last year, with multiple price hikes. The cost of sales was reported at Rs. 16.49 billion, up by 80 percent compared to Rs. 9.21 billion. This took the gross profits to Rs. 1.15 billion, up by 78.02 percent compared to Rs. 646 million.