HinoPak Motors' authorized share capital increases to 1 billion rupees

MG News | July 27, 2020 at 03:49 PM GMT+05:00

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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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