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).

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