Karachi: Hinopak Motors Limited announced financial results for the quarter ended June 30, 2024, revealing a rise in revenue but an increased net loss compared to the previous year. The Board of Directors, in their meeting on July 25, 2024, in Karachi, declared no dividends for the period.

According to information available from the Pakistan Stock Exchange (PSX), the company recorded revenues of Rs. 1,918.52 million for the quarter, up from Rs. 1,865.12 million in the same period last year. Despite the higher revenue, the costs associated with sales also rose, tallying at Rs. 1,693.79 million.

The gross profit for the quarter was Rs. 224.73 million, significantly higher than the Rs. 7.71 million reported last year. This improvement, however, was offset by substantial increases in distribution costs and administrative expenses, which stood at Rs. 92.95 million and Rs. 112.36 million, respectively.

Other income for the quarter amounted to Rs. 27.94 million, a decline from Rs. 57.14 million in the previous year. The company also reported a finance cost of Rs. 142.89 million, a significant rise from Rs. 33.24 million, contributing to a loss before income tax of Rs. 95.54 million. After accounting for income tax expenses of Rs. 24.15 million, the net loss for the quarter was Rs. 119.69 million.

Earnings per share also worsened, with a loss of Rs. 4.83 per share compared to a loss of Rs. 4.26 per share in the same quarter last year. The total comprehensive loss for the period was reported as Rs. 119.69 million, slightly higher than last year's loss of Rs. 105.58 million.

Hinopak Motors stated that the full quarterly report for the period ending June 30, 2024, will be transmitted through PUCARS within the specified time.