October 27, 2022 (MLN): HUB Power Company Limited (HUBC) has unveiled its financial results for the first quarter that ended on September 2022, whereby it declared net profits of Rs9.47 billion (EPS: Rs7.01), 22.55% YoY higher than net profits of Rs7.70bn (EPS: Rs5.72) recorded in the corresponding period last year.
As per the results, the revenue for this period stood at Rs29.59bn, reflecting a growth of 12.34% YoY compared to Rs26.34bn in the same period of last year (SPLY).
These improved earnings are the result of healthy gross margins jumped to 32.85% YoY.
Meanwhile, the operating profit for the period has improved by 26.43% YoY during this period, and profit before taxation moved up by 25.90% YoY to Rs10.58bn as compared to SPLY.
Further, the company reported a 40.74% YoY increase in finance costs that clocked in at Rs2.34bn in 1QFY23. The increase in finance cost is mainly due to higher policy rates.
On the tax front, the effective tax rate increased by 56.38% YoY in 1QFY23 owing to the addition of super tax.
