Karachi May 26 2023: Honda Car reported loss of during the last quarter of year ended March 31 2023 due to exchange losses, as per company filing at the exchange.
Share price of the company decrease by PKR 4.29 or 4.23 percent to drop below 100 for the first time since September 2014 after the announcement at Pakistan Stock Exchange.
During the fourth quarter ended March 31 2022, the company achieved net sales revenue of PKR 22,344 million as compared to PKR 29,539 million in the corresponding period last year. Company overall sold 50.5 percent less units of car in MY 2023 compared to last year.
Despite disruption in production due to opening of LCs company reported gross profit of PKR 2,782 million against PKR 801 million last year on higher sales of HRV and BRV.
Honda Car sold 1,700 units of HRV and BRV, an increase of 35.8 percent year on year, during the quarter against sales of 1.252 units last year due to launch of HRV variant in the month of October 2022. Honda HRV is attractively priced by the company among other SUVs that resulted in huge success of this variants.
However, company reported loss of PKR 823 million in the last quarter as company booked other expenses, mainly associated with exchange losses, of PKR 3.3 billion during the quarter.
During the full year company reported net sales revenue of PKR 95 billion as compared to PKR 108 billion million in the previous year. Company sales drop 31.6 percent in MY 2023 to 25,720 units.
Other income inclined to PKR 2.3 billion against PKR 2.0 billion. Other charges of the company increased to PKR 4.9 billion MY 2023 as compared to PKR 984 million last year.
Financial charges were recorded at PKR 346 million against 53 million, last year. The Company posted PKR 1.9 billion as profit before tax in comparison to the profit before tax of PKR 4.2 billion. After statutory tax adjustments, the net profit for the full year arrived at PKR 260 million as compared with PKR 2,509 million in last year.