September 12, 2019 (MLN): The Hub Power Company Limited (HUBC) has announced its financial results for the year ended on June 30th 2019, wherein the company has reported a slight increase in its net profit by 2% to Rs. 11.93 billion (EPS: 9.37).
During the period, company’s gross profit increased by 17.56% only due to drop in sales volume by 41.87% despite decrease in operating costs by 55%.
Moreover, the finance cost increased by 67% from 4.4 billion to 7.4 billion, owing to rise in interest rates, short term borrowings despite of PKR devaluation, which restricted earnings growth of the company to 2%.
Profit and Loss Account for the Year Ended June 30th 2019 (Rupees in '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change |
Turnover | 58,128,888 | 99,999,433 | -41.87% |
Operating costs | (36,640,036) | (81,720,455) | -55.16% |
Gross Profit | 21,488,852 | 18,278,978 | 17.56% |
General and administration expenses | (1,605,994) | (1,524,972) | 5.31% |
Other income | 526,966 | 218,863 | 140.77% |
Other operating expenses | (127,688) | (109,941) | 16.14% |
Profit from operations | 20,282,136 | 16,862,928 | 20.28% |
Finance costs | (7,401,123) | (4,432,498) | 66.97% |
Share of loss from associates | (433,984) | (280,075) | 54.95% |
Profit before taxation | 12,447,029 | 12,150,355 | 2.44% |
Taxation | (516,722) | (485,572) | 6.42% |
Profit for the year | 11,930,307 | 11,664,783 | 2.28% |
Basic and diluted earnings per share – in Rupees | 9.37 | 9.23 | 1.52% |
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