Hino Motors, Ltd. [ADR] (HINOY.PK)

Hino Motors, Ltd., a consolidated subsidiary of Toyota Motor Corporation (TMC), primarily manufactures and sells automobiles, particularly diesel trucks and buses. Hino Motors is actively involved in the development of clean energy vehicles that have a low impact on the environment. Its efforts are mainly focused on making liquefied petroleum gas, compressed natural gas and hybrid vehicles, and helping to promote the development of related infrastructure. In addition to trucks and buses, the Company also develops and manufactures diesel engines for automotive, industrial and marine applications. Hino Motors also provides technological know-how for stamping and body assembly through its subsidiary, Hino Engineering Services.

For the fiscal year ended 3/31/03, net sales increased 12% to Y850.32 billion. Net income fell 41% to Y4.96 billion. Revenues reflect higher overseas sales of trucks and buses and increased production of vehicles manufactured under commission to TMC. Earnings was offset by higher loss on write-down of investment securities.