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HUBCO records 57% growth in profit

KARACHI: The Hub Power Company (HUBCO) earned Rs 1.108 billion profit during the first quarter of current financial year against Rs 702 million in the same period of last year, depicting 57 percent growth. According to financial results of the company announced at Karachi Stock Exchange (KSE) on Wednesday, the earnings per share also improved by Rs 0.96 during the period under review against Rs 0.61 in the corresponding period of last year. The increase in profit is mainly because of currency devaluation and higher tariff profile.

The turnover of the company decreased to Rs 22.005 billion in the said period against Rs 28.115 billion in the last year. Operating costs were Rs 20.491 billion in the said period against Rs 26.792 billion in the previous year. The decrease in turnover and operating costs is mainly attributable to lower fuel oil prices. During the period under review, Hub Plant operated at an average load factor of 75.9 and an average complex availability of 83 percent. Electricity sold to WAPDA was 2011 GWH. DGK Cement posted Rs 584 million profit in first quarter of current fiscal against Rs 168 million loss in the same period of last year. According to financial results of the company announced at KSE on Wednesday, earnings per share also turned positive to Rs 1.92 against Rs 067 in the same period of last year. staff report

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