Hubco’s profit rises 3% to Rs11.66b

Board of directors recommends final cash dividend of Rs2.8 per share

KARACHI: Hub Power Company Limited’s (Hubco) consolidated profit enhanced 3% to Rs11.66 billion in the year ended June 30, mainly due to a drop in operating costs, according to its profit or loss accounts available at the Pakistan Stock Exchange (PSX) on Monday.



The independent power producer’s profit stood at Rs11.34 billion in the previous year.

Accordingly, earnings per share improved to stand at Rs9.56 in the year from Rs3.24 in the previous year.

The board of directors recommended a final cash dividend of Rs2.8 per share, in addition to interim dividends already paid at Rs4.6 per share during the year. The new entitlement will be paid to the shareholders whose names will appear in the register of members on September 27, 2018. Hubco’s share price improved 0.1%, or Rs0.1, to close at Rs96.49 with 1.24 million shares changing hands at the PSX. The company sold energy worth Rs99.99 billion in the year, which was 1.17% lower than Rs101.18 billion last year.

However, the operating costs dropped 3.2 percentage points to 81.72% (Rs81.72 billion) of the sales compared to 84.92% (Rs83.32 billion) in the previous year.



Moreover, other income also surged to Rs219 million from Rs156 million last year. On the flip slide, the finance cost increased 9% to Rs4.43 billion, compared to Rs4.08 billion last year. General and administration expenses surged 12% to Rs1.52 billion from Rs1.36 billion. The share of loss from associates increased to Rs280 million from Rs186 million last year.

Published in The Express Tribune, August 21^st, 2018.

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