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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