HinoPak Motors depicts a twofold increase in losses during 9MFY19
By MG News | January 17, 2020 at 04:31 PM GMT+05:00
January 17, 2020 (MLN): The Board of Directors of HinoPak Motors Limited, in its meeting held on January 17, 2020, discussed and announced the financial results for the quarter as well as nine months ended December 31, 2019.
According to the report issued by the Company in this regard, the net losses for the quarter stood at Rs. 480 million (LPS: Rs. 38.71), i.e. 30.1% lower than the losses of same quarter in previous year. On the other hand, the net losses for the nine months stood at Rs. 1.8 billion (LPS: Rs. 147.41), which is around 2x higher than the losses of same period last year.
The table below shows that the losses were mainly caused by a decline of 35.3% in the topline revenue, and 77.07% in the non-core income. While there were minimal drops in the major expense heads of the company, the overall financial position still seemed dismal.
Nonetheless, a decline in the tax expenditure by 40% provided some respite to the company.
Moreover, the company did not declare dividends for the aforementioned periods.
| Profit and Loss for the Nine Months ended December 31,2019 (Rupees'000) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change | |
| Revenue | 9,959,156 | 15,389,025 | -35.3% |
| Cost of Sales | (10,285,110) | (14,453,694) | -28.8% |
| Gross (Loss)/Profit | (325,954) | 935,331 | |
| Distribution cost | (271,796) | (280,618) | -3.1% |
| Administrative expenses | (267,383) | (312,598) | -14.5% |
| Other income | 30,246 | 131,707 | -77.0% |
| Other expenses | (972) | ||
| (Loss)/Profit from operations | (834,887) | 472,850 | |
| Finance (cost)/income | (846,576) | (821,716) | 3.0% |
| Loss before taxation | (1,681,463) | (348,866) | 382.0% |
| Taxation | (146,584) | (243,933) | -39.9% |
| Loss after taxation | (1,828,047) | (592,799) | 208.4% |
| Loss per share - basic and diluted (Rupees) | -147.41 | -47.8 | 208.4% |
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