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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