HUBC performs outstandingly on the back of commencement of CPHGC plant

MG News | October 30, 2019 at 03:34 PM GMT+05:00

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October 30, 2019 (MLN): The Hub Power Company Limited (HUBC) has disclosed its outstanding financial performance for the quarter ended September 30^th 2019, wherein the company reported a substantial growth of about 86% in its profits after tax to Rs 5.8 billion against Rs 3.12 billion reaped in the same quarter previous year.

Consequently, the Earning per share (EPS) also grew considerably from Rs 2.47 per share to Rs 4.29 per share.

The company earned higher profits during the quarter mainly on the back of commencement of China Power Hub Generation Company (CPHGC) plant in Aug 2019 and 28%YoY PKR depreciation against the greenback. The full capacity impact of CPHGC would be more evident in coming quarters as plant started operation in Aug 2019 only.

The top-line earnings of the company witnessed a decline of 21.7% primarily due to lower load factor on the base plant, Narowal as well as Laraib plant.

Moreover, as a result of greater financing requirements by the company for the commencement of new projects, the finance cost surged significantly by 131% YoY.

In addition, a notable rise in admin and other operating expenses during the period kept the bottom-line growth in check.

Financial Results for the Quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Turnover	14,081,059	17,988,653	-21.72%
Operating costs	(6,589,672)	(13,151,050)	-49.89%
Gross Profit	7,491,387	4,837,603	54.86%
General and administration expenses	(448,814)	(313,505)	43.16%
Other income	68,015	50,931	33.54%
Other operating expenses	(22,566)	(1,082)	1985.58%
Profit from operations	7,088,022	4,573,947	54.97%
Finance costs	(3,059,313)	(1,322,454)	131.34%
Gain on dilution of interest in associates - net	-	-
Share of loss from associates	1,873,084	(60,759)
Profit before taxation	5,901,793	3,190,734	84.97%
Taxation	(78,305)	(66,715)	17.37%
Profit for the year	5,823,488	3,124,019	86.41%
Basic and diluted earnings per share - in Rupees	4.29	2.47	73.68%

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