Profit for the quarter was Rs2.057 billion against Rs2.661 billion it posted in the same period of the previous year. CREATIVE COMMONS
KARACHI:
Hub Power Company (Hubco) on Wednesday announced a 22.6% decline in net profits for the January-March quarter of fiscal 2013-14 as the company had to cut back electricity production because of overhauling work of its units.
Profit for the quarter was Rs2.057 billion against Rs2.661 billion it posted in the same period of the previous year. The company did not announce any cash or bonus dividend.
In the nine months to March 2014, the profit was down 32.5% to Rs4.993 billion.
Topline Securities analyst Vahaj Ahmed said that the company’s load factor for the Karachi plant was 65.7% in the nine months compared with 75.3% in the same period last year. Load factor Narowal plant stood at 82.2%.
Load factor is the capacity at which a power plant is operated.
“This decline in profits is mainly due to the expenditure on major overhauling of boilers, one of which was down for maintenance,” he said.
Published in The Express Tribune, May 1st, 2014.
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