HUBCO’s profits surge by 48% during 1HFY21

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By MG News | February 26, 2021 at 01:30 PM GMT+05:00

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February 26, 2021 (MLN): Hub Power Company Limited (HUBC) has posted earnings of Rs. 16.88 billion (EPS: 12.60) for the half-year ended December 31, 2020, i.e. around 48% higher than the earnings recorded in same period of last year.

The company also announced an Interim Cash Dividend for the quarter ended December 31, 2020 @ Rs.3 per share i.e. 30%. This is addition to the interim dividend already paid at Rs. 4 per share i.e. 40%.

The boost in the company’s earnings came from a rise in revenue by 9%, which in turn was a result of recognition of share of profit from China Power Hub Generation Company (CPHGC) as well as an increase in total dispatches. Likewise, the gross profit increased by 10% due to PKR depreciation.

There was a 40% decline in the company’s finance cost due to lower interest rates. Nonetheless, HUBC faced some setback as its income tax expense surged by nearly 13x.

Consolidated Profit and Loss Account for the Half-year Ended December 31, 2020 (Rupees in '000)

 

Dec-20

Dec-19

% Change

Turnover

26,791,191

24,653,589

9%

Operating costs

(10,913,332)

(10,182,031)

7%

Gross Profit

15,877,859

14,471,558

10%

General and administration expenses

(752,226)

(830,000)

-9%

Other income

158,206

160,115

-1%

Other operating expenses

(236,717)

(26,271)

801%

Profit from operations

15,047,122

13,775,402

9%

Finance costs

(3,730,676)

(6,251,021)

-40%

Share of gain/loss from associates

7,604,838

5,153,226

48%

Loss on shares to be transferred to GoB

-

(1,009,029)

-

Profit before taxation

18,921,284

11,668,578

62%

Taxation

(2,032,861)

(157,888)

1188%

Profit for the year

16,888,423

11,510,690

47%

Basic and diluted earnings per share - in Rupees

12.60

8.52

48%

 

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