Karachi January 28 2022: The sale of Hinopak Motors Limited trucks and buses increased, to 663 units from 511 units in the corresponding period of the last year, as per company’s filling at Pakistan Stock Exchange (PSX).
“The increase in sales unit is mainly due to improvement of business situation after uplifting of countrywide COVID-19 lockdown.” Says company’s chairman Mr Muhammad Aslam Sanjrani
The sales revenue for the nine months increased to PKR 8.81 billion from PKR 5.93 billion, accordingly the Company earned gross profit of PKR 964 million as compared to gross profit of PKR 347 million in the corresponding period of last year.
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The finance cost stood at PKR 119 million (including net exchange loss of PKR 97 million) in comparison with the finance cost of PKR 280 million (including net exchange loss of PKR 10 million) in the corresponding period of the last year. Subsequent to the issue of right shares the liquidity of the Company improved, therefore no borrowing was made during the period resulting in no borrowing cost during the period.
The profit after tax stood at PKR 342 million compared to loss of PKR (486) million in the last year’s corresponding period leading to earnings per share of PKR 13.77. Last year it stood at PKR (23.68) loss per share.
Management is continuously making efforts for growth in sales volumes and profitability. However, rupee devaluation and increase in Global commodity prices coupled with rising inflation, especially freight are posing new challenges.
Hinopak Motors Limited is incorporated in Pakistan as a public limited Company. The Company’s principal activity is the assembly, progressive manufacturing and sale of Hino buses and trucks. The company is a subsidiary of Hino Motors Limited Japan and the ultimate parent company is Toyota Motors Corporation Japan.
