HUBC’s net profits for 9MFY19 clock in at Rs 9 billion

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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Posted on: 2019-04-30T12:05:00+05:00

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