HINO suffers massive loss of Rs105.58m in 1QMY24

MG News | July 25, 2023 at 01:42 PM GMT+05:00

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July 25, 2023 (MLN): HinoPak Motors Limited (PSX: HINO) unveiled its profitability, wherein the loss after tax clocked in at 105.58m (LPS: Rs4.26), compared to a profit of Rs51.7m (EPS: Rs2.08) in the same period last year (SPLY).

Going by the results, the company's top line marked a decline of 37.44% YoY to Rs1.87bn as compared to Rs2.98bn in SPLY.

The cost of sales fell by 34.88% YoY but was lower than proportionate to the sales decline, which worsened the gross profit by 63.47% YoY to Rs97.71m in 1QMY24.

During the review period, other income deflated by 70.72% YoY to stand at Rs23.97m in 1QMY24 as compared to Rs81.85m in SPLY.

On the expense side, the company observed a decrease in Distribution cost by 2.67% YoY to clock in at Rs94.36m, while the Administrative expenses rose by 12.82% YoY to stand at Rs111.36m respectively during the review period.

The company’s finance costs shrank by 99.87% YoY and stood at Rs0.07m as compared to Rs56.93m in 1QMY24, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs23.63m against the Rs38.29m paid in the corresponding period of last year, depicting a decrease of 38.30% YoY.

Unconsolidated (un-audited) Financial Results for Quarter ended 30 June, 2023
	June 23	June 22	% Change
Sales	1,866,117	2,983,027	-37.44%
Cost of sales	(1,768,410)	(2,715,587)	-34.88%
Gross Profit	97,707	267,440	-63.47%
Distribution cost	(94,359)	(96,947)	-2.67%
Administrative expenses	(111,364)	(98,709)	12.82%
Reversal / (charge) of impairment on trade receivables and deposits	2,166	(86)	-
Other Income	23,968	81,846	-70.72%
Other expenses	-	(6,631)	-
Finance cost	(74)	(56,925)	-99.87%
Profit before taxation	(81,957)	89,988	-
Taxation	(23,626)	(38,291)	-38.30%
Net profit for the period	(105,583)	51,697	-
Basic and diluted earnings/ (loss) per share	(4.26)	2.08	-

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