HUBC's net profits for 9MFY19 clock in at Rs 9 billion
MG News | April 30, 2019 at 12:05 PM GMT+05:00
April 30, 2019 (MLN): Hub Power Company Limited has posted Net Profits of Rs. 9 billion for the nine months ended March 31, 2019, indicating a growth of 4.25% as compared to the figures reported in corresponding period last year.
Even though the topline earnings declined by 39%, the company still managed to report an increase in gross profits by 15%, due to a comparatively larger fall in cost of sales.
However, the company came under stress as finance costs went up by 52% on account of debt drawdowns for CAPEX amid rising interest rates.
Moreover, increase in share of loss from associates by 65% further constrained the financial position of the company.
The Earnings per share for the aforementioned period was stated at Rs. 7.41, around 3.64% higher than that of same period last year.
| Profit and loss account for the nine months ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Turnover | 44,339,992 | 73,786,333 | -39.91% |
| Operating costs | (28,939,754) | (60,395,918) | -52.08% |
| GROSS PROFIT | 15,400,238 | 13,390,415 | 15.01% |
| General and administration expenses | (1,080,243) | (1,113,352) | -2.97% |
| Other income | 289,680 | 120,839 | 139.72% |
| Other operating expenses | (59,907) | (52,444) | 14.23% |
| PROFIT FROM OPERATIONS | 14,549,768 | 12,345,458 | 17.86% |
| Finance costs | (4,933,778) | (3,247,140) | 51.94% |
| Share of loss from associates | (321,321) | (193,722) | 65.87% |
| PROFIT BEFORE TAXATION | 9,294,669 | 8,904,596 | 4.38% |
| Taxation | (285,338) | (262,184) | 8.83% |
| PROFIT FOR THE PERIOD | 9,009,331 | 8,642,412 | 4.25% |
| Basic and diluted earnings per share (Rupees) | 7.41 | 7.15 | 3.64% |
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