Faizan Hassan
Member
Honda Atlas Cars (Pakistan) Limited (HCAR) reported a significant decline in its profit-after-tax (PAT), plunging over 82% to Rs143.25 million in the third quarter (October-December) of fiscal year 2023-24.
This compares to a PAT of Rs810.82 million in the same period of the previous year. The decline is attributed to a massive drop in sales, with HCAR's sales falling 46% to Rs12.43 billion in 3QFY24 compared to Rs22.95 billion in the same quarter of the previous year.
Despite lower gross profits, the company's gross margins rose to 8.3% in 3QFY24 from 7.8% in the same period last year.
This compares to a PAT of Rs810.82 million in the same period of the previous year. The decline is attributed to a massive drop in sales, with HCAR's sales falling 46% to Rs12.43 billion in 3QFY24 compared to Rs22.95 billion in the same quarter of the previous year.
Despite lower gross profits, the company's gross margins rose to 8.3% in 3QFY24 from 7.8% in the same period last year.