HUBCO’s profits grow on account of decline in operating costs

MG News | October 26, 2018 at 01:10 PM GMT+05:00

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October 26, 2018 (MLN): Hub Power Company Limited (HUBC) has reported reasonable increase in its profits which went up by 22% during the 1st quarter ended September 30, 2018. The reasons attributed to increase in profits were considerable decline in operating costs of about 43% (Rs.10 billion).

However, the company’s topline earnings during the period declined by around 34.36% as compared to the same period prior year.

Even so, the company managed to make profits on account of significant decline in operating costs along with a decline in general administrative expenses and other operating expenses of about 28.4% and 97.4% respectively.

Moreover, during the period, the company enjoyed a reduction in taxes of about 45.37% as compared to the same period last year.

HUBCO’s basic and diluted earnings per share have been recorded at Rs.2.56 per share, while during the corresponding period of last year, earning per share stood at Rs.2.06 per share.

Profit and Loss Account for the 1st Quarter Ended September 30th 2018 (Rupees in '000)

	Sep-18	Sep-17	% Change
Turnover	17,945,907	27,339,933	-34.36%
Operating costs	(13,108,304)	(23,162,135)	-43.41%
Gross Profit	4,837,603	4,177,798	15.79%
General and administration expenses	(313,505)	(437,534)	-28.35%
Other income	50,931	33,798	50.69%
Other operating expenses	(1,082)	(41,705)	-97.41%
Profit from operations	4,573,947	3,732,357	22.55%
Finance costs	(1,322,454)	(1,017,018)	30.03%
Gain on dilution of interest in associates - net	-	-
Share of loss from associates	(60,759)	(44,626)	36.15%
Profit before taxation	3,190,734	2,670,713	19.47%
Taxation	(66,715)	(122,120)	-45.37%
Profit for the year	3,124,019	2,548,593	22.58%
Basic and diluted earnings per share - in Rupees	2.56	2.06	24.27%

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