Robust sales put Hinopak Motors back in the black
KARACHI: The Hinopak Motors Limited has earned a net profit of Rs23.63 million, translating into the earnings per share (EPS) of 95 paisas for the quarter ended June 30, 2021, compared with the loss of Rs411.60 million and the loss per share of Rs33.19 in the corresponding period of the last year, a bourse filing said on Wednesday.
The sale of Hinopak trucks and buses increased to 162 units during the quarter under review, compared with 68 units in the corresponding quarter of the previous year due to the lockdown restrictions.
The sales revenue for the quarter increased to Rs2.35 billion from Rs0.81 billion, resulting in the gross profit of Rs231.33 million, compared with the gross loss of Rs122.61 million in the corresponding quarter of the last year.
The finance cost stood at Rs26 million, compared with the finance cost of Rs134 million last year, the decrease is mainly due to zero borrowing during the period.
“The economy has started to show the signs of improvement; however, no significant improvement in the overall market size of commercial vehicles is expected in the short-term, there is still uncertainty in business outlook as the fourth wave of the Covid-19 is unfolding, the rupee has also gone down against the dollar in recent times; however, the management is taking necessary measures to counter the negative effect of challenges imposed,” the company noted in a bourse filing.
Hinopak Motors assembles, manufactures and markets world-renowned Hino diesel trucks and buses in Pakistan. The company has held the top position in the domestic market for medium and heavy-duty vehicles for more than 30 consecutive years and is highly acclaimed for quality and technological excellence.
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