HinoPak Motors’ authorized share capital increases to 1 billion rupees

July 27, 2020 (MLN): HinoPak Motors has announced the financial results for the year ended March 31, 2020, as per which, the company has incurred losses of Rs. 2.05 billion (LPS: Rs. 166.71), which is almost 135% higher than the losses incurred in the same period of last year.

Going by the official document submitted by the company, the revenue declined by almost 31%, which caused the gross profits to fall by a whopping 115%. While the company somewhat benefitted from decline in major expense heads and absence of non-core expenses, the decline in non-core income by almost 44% negated any possibility of positive earnings and ultimately resulted in operating losses for the period.  

The finance cost showed almost no change, whereas income tax expense fell by almost 40%, providing some respite to the company’s financial position.  In addition to this, the company also witnessed a fall in impairment costs by 24%.

Besides the announcement of financial results, the Board of Directors of the company also approved the increase in Authorized Share Capital of HinoPak from Rs. 200 million (20 million shares @ Rs. 10) to Rs. 1 billion (100 million shares @ Rs. 10).

 

 

Financial Results for the year ended March 31, 2020 (Rupees'000)

 

Mar-20

Mar-19

% Change

Revenue from contracts with customers

13,191,060

19,130,839

-31%

Cost of sales

(13,361,471)

(18,017,525)

-26%

Gross (loss) / profit

(170,411)

1,113,314

-115%

Distribution costs

(351,114)

(359,595)

-2%

Administration expenses

(355,666)

(378,831)

-6%

Other income

82,889

147,640

-44%

Other expenses

(1,372)

 

Impairment loss on trade debts and deposits

(14,917)

(19,533)

-24%

(Loss) / profit from operations

(809,219)

501,623

-261%

Finance cost

(1,034,779)

(1,021,797)

1%

Loss before income tax

(1,843,998)

(520,174)

254%

Income tax expense

(210,978)

(353,123)

-40%

Loss after income tax

(2,054,976)

(873,297)

135%

Loss per share

-166.71

-70.42

137%

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Posted on: 2020-07-27T15:49:00+05:00

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