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
