Honda Atlas Car (Pakistan) Limited - HCAR : 1QMY18 EPS of PRs14.61, in-line with expectations – By IMS Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Honda Atlas Car (Pakistan) Limited (HCAR) has posted 1QMY18 NPAT of PRs2.09bn (EPS: PRs14.61), up 99%YoY, in-line with our expected EPS of PRs14.26. Results were accompanied with an interim cash dividend of PRs4.18/share.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The significant jump in earnings is attributed to strong sales (units sold up 54%YoY/ 96%QoQ) driven by the Civic model and impressive start to BRV sales. However, gross margins fell 1.2ppt YoY to 14.2% given rise in input costs and currency fluctuations. Effective tax rate clocked in at 28.4% vs. 25.6% in the same period last year.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Key 1QMY18 result highlights include...