Hinopak discloses losses worth Rs 607.5 million
MG News | July 29, 2019 at 03:16 PM GMT+05:00
July 29, 2019 (MLN): Hinopak Motors Limited (HINO) has disclosed after-tax losses of Rs. 607.5 million for the quarter ended on June 30, 2019 in a notification issued to Pakistan Stock Exchange. The losses incurred can be attributed to a huge drop in sales and substantial increase in the company’s finance cost.
During the quarter, HINO observed 50% decline in sales (Rs.3.3 billion) and finance cost increased 4.3x to Rs 405 million, which dragged company’s profitability in the negative territory.
Adding to the woes, administrative expenses surged by 3%, coupled with a substantial downswing (92%) in non-core income (Rs.6.1 million), this caused the company to bear a pre-tax loss worth Rs. 563.4 million.
The company reported its Loss per share at Rs. 48.99, for the aforementioned quarter.
| Profit and Loss for the Quarter ended June 30, 2019 (Rupees '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change | |
| Revenue | 3,307,425 | 6,659,306 | -50.3% |
| Cost of Sales | (3,291,558) | (6,165,755) | -46.6% |
| Gross Profit | 15,867 | 493,551 | -96.8% |
| Distribution cost | (87,156) | (98,461) | -11.5% |
| Administrative expenses | (93,130) | (90,523) | 2.9% |
| Other income | 6,101 | 73,084 | -91.7% |
| Other expenses | - | (19,514) | - |
| Profit from operations | (158,318) | 358,137 | -144.2% |
| Finance (cost)/income | (405,101) | (93,347) | 334.0% |
| Profit before taxation | (563,419) | 264,790 | |
| Taxation | (44,115) | (145,621) | -69.7% |
| Profit after taxation | (607,534) | 119,169 | -609.8% |
| Earnings per share - basic and diluted (Rupees) | (48.99) | 9.61 | -609.8% |
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