HINO profits drastically decrease by 98.74% YoY in HY22

November 29, 2022 (MLN): Hinopak Motors Limited (HINO) has unveiled its financial results for the half year ended on September 2022, under which the company posted a huge decrease in net profits by 98.74% YoY to Rs3.06 million as compared to Rs244mn profits in the same period last year (SPLY).

Accordingly, the company’s earnings per share clocked in at Rs0.12 against Rs9.83 in SPLY.

As per the results, the revenue for this period stood at Rs5.84 billion, showing a decrease of 2.93% YoY compared to Rs6.02bn in the same period of last year (SPLY).

On the expenses front, HINO reported a 24.64% YoY increase in Distribution Costs, and a 16.48% YoY increase in Administrative Expenses, whereas, Finance Costs incurred by the company reported an increase of 27.47% YoY during the period.

Furthermore, HINO also reported an 88.15% YoY increase in Other Income reaching Rs144.04mn during the period under review.

On the tax front, the effective tax rate was increased by 108.95% YoY in HY22 to Rs137mn as opposed to Rs65.57mn in SPLY.

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