HinoPak Motors suffers losses of Rs687 mln following substantial increase in finance cost

MG News | January 24, 2019 at 02:39 PM GMT+05:00

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January 24, 2019 (MLN): HinoPak Motors Limited has disclosed after-tax losses of Rs. 687 million for the quarter ended December 31, 2018, 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 27% decline in sales (Rs.4.3 billion) while its gross profits (Rs.207.6 million) dropped by 63%.

Adding to the woes, overall expenses rose while non-core income (Rs.17.2 million) observed an 87% decline. Coupled with a substantial upswing (172%) in finance cost (Rs.658.2 million), this caused the company to bear a pre-tax loss worth Rs. 625.7 million.

The company reported its Loss per share at Rs. 55.44, for the quarter ended December 31, 2018.

Profit and loss account for the quarter ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Sales	4,318,921	5,924,020	-27.09%
Cost of sales	-4,111,353	-5,357,397	-23.26%
Gross profit	207,568	566,623	-63.37%
Distribution costs	-97,006	-95,605	1.47%
Administration expenses	-115,305	-104,049	10.82%
Other income	17,218	142,472	-87.91%
Other expenses	20,095	-19,639
Profit from operations	32,570	489,802	-93.35%
Finance cost	-658,240	-241,350	172.73%
(Loss) / profit before taxation	-625,670	248,452
Taxation	-61,874	-57,128	8.31%
(Loss) / profit after taxation	-687,544	191,324
(Loss) / Earnings per share - basic and diluted	-55.44	15.43

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