69% reduction in HinoPak Motors profits during the first quarter ending on June 30th 2018 earnings report

MG News | July 30, 2018 at 12:23 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

HinoPak Motors Limited (HINO) reported the summary of their Board of directors meeting, held on July 30^th 2018, in which they finalized the financial earnings for the Quarter ending on June 30^th 2018.

According to the report, Net sales increased by 8.4% while Gross profit dropped by 39.9%, as compared to the quarter ending on June 30th 2017

The company’s Other income increased by 67.9% but Other expenses reduced by 57.1%

There was an increase of 550% in Finance cost, thereby reducing the profit after taxation by 68.8%.

Profit and Loss for the Quarter Ended June 30,2018
	2018	2017	% Change
Sales-net	6,659,306	6,142,169	8.4%
Cost of Sales	(6,165,755)	(5,320,652)	15.9%
Gross Profit	493,551	821,517	-39.9%
Distribution cost	(98,461)	(90,629)	8.6%
Administrative expenses	(90,523)	(96,047)	-5.8%
Other income	73,084	43,530	67.9%
Other expenses	(19,514)	(45,515)	-57.1%
Profit from operations	358,137	632,856	-43.4%
Finance (cost)/income	(93,347)	(14,366)	549.8%
Profit befor taxation	264,790	618,490	-57.2%
Taxation	(145,621)	(236,618)	-38.5%
Profit after taxation	119,169	381,872	-68.8%
Other comprehensive income	-	-
Total comprehensive income	119,169	381,872	-68.8%
Earnings per share - basic and diluted (Rupees)	9.61	30.79	-68.8%