Hinopak discloses losses worth Rs 607.5 million

MG News | July 29, 2019 at 03:16 PM GMT+05:00

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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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