Hinopak Motors posts Rs288.29 million loss

KARACHI: Hinopak Motors Limited (HINO) reported a net loss of Rs288.294 million for the year ended March 31, 2021, compared with the loss of Rs2.05 billion in the previous year, a bourse filing said on Thursday.

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The loss per share (LPS) for the period under review stood at Rs13.37 against Rs110.33 in the previous year. Lesser loss is primarily due to the reduced finance cost, which clocked in at Rs235.12 million during the year ended March 31, 2021, compared with Rs1.03 billion in the previous year. Finance costs declined due to lesser borrowing and low-interest rates.

The sales revenue during the year declined 30.77 percent to Rs9.132 billion as against the revenues of Rs13.19 billion in the previous year. The sales declined after the government imposed a complete lockdown in March 2020, which halted the production, it added.

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