Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

HUBC performs outstandingly on the back of commencement of CPHGC plant

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

October 30, 2019 (MLN): The Hub Power Company Limited (HUBC) has disclosed its outstanding financial performance for the quarter ended September 30th 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%

 

Copyright Mettis Link News

Posted on: 2019-10-30T15:34:00+05:00

30848